Mutual destruction of reagents in acid- and base-promoted reactions in the same container is now avoidable with the iridium polyhydride complex [IrH5(PiPr3)2] (1), which is an ambiphilic Lewis acid and base catalyst. By using catalyst 1, a three-component reaction of nitriles, olefins, and water proceeds efficiently to give glutarimides, which are pharmacologically important (see scheme).