Frustrated Lewis pairs have been used to activate a variety of small molecules. In this review we focus on the recent chemistry of FLPs with CO₂, CO, N₂O, NO and SO₂. While FLP capture of these small molecule is achieved in all of these cases, subsequent applications of the products include stoichiometric and catalytic reductions of CO₂, C–O bond scission of CO and use of FLP–NO radicals in polymerization.