The great potential of frustrated Lewis pairs (FLPs) as metal-free catalysts for activation of molecular hydrogen has attracted increasing interest as an alternative to transition-metal catalysts. However, the complexity of FLP systems, involving the simultaneous interaction of three molecules, impedes a detailed understanding of the activation mechanism and the individual roles of the Lewis acid (LA) and Lewis base (LB). In the present work, using density functional theory (DFT) calculations, we examine the reactivity of 75 FLPs for the H2 splitting reaction, including a series of experimentally investigated LAs combined with conventional phosphine-based (tBu3P) and oxygen-based (i.e., ethereal solvent) Lewis bases. We find that the catalytic activity of the FLP is the result of a delicate balance of the LA and LB strengths and their bulkiness. The H2 splitting reaction can be changed from endergonic to exergonic by tuning the electrophilicity of the LA. Also, a more nucleophilic LB results in a more stable ion pair product and a lower barrier for the hydrogen splitting. The bulkiness of the LB leads to an early transition state to reduce steric hindrance and lower the barrier height. The bulkiness of the fragments determines the cavity size in the FLP complex, and a large cavity allows for a larger charge separation in the ion pair configuration. A shorter proton-hydride distance in this product complex correlates with a stronger attraction between the fragments, which forms more reactive ion pairs and facilitates the proton and hydride donations in the subsequent hydrogenation process. These insights may help with rationalizing the experimentally observed reactivities of FLPs and with designing better FLP systems for hydrogenation catalysis and hydrogen storage.