A novel rhodium-catalyzed cycloisomerization has been developed which converts various acyclic enynes to their cyclic diene isomers with endoselectivity. Both [RhCl(COD)]2/P(4-FC6H4)3 and RhCl(PPh3)3 catalyst systems are effective in promoting the C-C bond-forming cyclization of enynes to furnish carbo- and heterocycles in good to excellent yield. Deuterium labeling studies suggest that the reaction proceeds through the formation of a rhodium vinylidene followed by subsequent [2 + 2] cycloaddition with the alkene and ring-opening of the resulting rhodacyclobutane. These mechanistic studies reevaluate a previously proposed reaction pathway and lead to the discovery of a new cycloisomerization reaction that involves migration of silyl and selenyl substituents at the alkyne of enyne substrates upon cyclization.