Oxygen reduction is a critical half reaction in renewable fuel cell development and a key step in the development of aerobic oxidation reactions. Herein, we report rapid two-electron O2 reduction by a d0 ZrIV center with an appended redox-active Co-I site serving as an electron reservoir. The early/late heterobimetallic Zr/Co complex (THF)Zr(MesNP iPr2)3CoCN tBu (1) reacts readily with O2 and O atom transfer reagents to generate reactive oxygenated species including terminal peroxo and oxo complexes, (O2)Zr(MesNP iPr2)3CoCN tBu (2) and O≡Zr(MesNP iPr2)3CoCN tBu (3). The bimetallic Zr/Co complex provides a new cooperative synthetic pathway to promote multielectron redox processes such as oxygen reduction, with each metal playing a distinct role as a substrate binding site or redox mediator.