The direct electrochemical synthesis of hydrogen peroxide is a promising alternative to currently used batch synthesis methods. Its industrial viability is dependent on the effective catalysis of the reduction of oxygen at the cathode. Herein, we study the factors controlling activity and selectivity for H2O2 production on metal surfaces. Using this approach, we discover two new catalysts for the reaction, Ag-Hg and Pd-Hg, with unique electrocatalytic properties both of which exhibit performance that far exceeds the current state-of-the art.