Described is a kinetics and computational study of the reaction of NO with the intramolecular bridged P/B frustrated Lewis pair (FLP) endo-2-(dimesitylphosphino)-exo-3-bis(pentafluorophenyl)boryl-norbornane to give a persistent FLP-NO aminoxyl radical. This reaction follows a second-order rate law, first-order in [FLP] and first-order in [NO], and is markedly faster in toluene than in dichloromethane. By contrast, the NO oxidation of the phosphine base 2-(dimesitylphosphino)norbornene to the corresponding phosphine oxide follows a third-order rate law, first-order in [phosphine] and second-order in [NO]. Formation of the FLP-NO radical in toluene occurs with a ΔH(‡) of 13 kcal mol(-1), a feature that conflicts with the computation-based conclusion that NO addition to a properly oriented B/P pair should be nearly barrierless. Since the calculations show the B/P pair in the most stable solution structure of this FLP to have an unfavorable orientation for concerted reaction, the observed barrier is rationalized in terms of the reversible formation of a [B]-NO complex intermediate followed by a slower isomerization-ring closure step to the cyclic aminoxyl radical. This combined kinetics/theoretical study for the first time provides insight into mechanistic details for the activation of a diatomic molecule by a prototypical FLP.