Treatment of trans-[Ir(H)(N)2(iPr)4(POCOP)(DMAP)][BAr4f] (2) with H2 (1 bar) under ambient conditions (298 K) results in the formation of a trans-[Ir(H)(η2-H2)(iPr)4(POCOP)(DMAP)][BAr4f] (3) complex. Complex 3 exhibits H-atom site exchange between the bound H2 and the hydride ligands which are mutually trans to one another. A plausible mechanism of this exchange involves metal-ligand cooperativity as studied by computations.