A base-mediated reaction of triaryl/alkyl pyrylium tetrafluoroborate salts with α-diazo-phosphonates, sulfones and trifluoromethyl compounds affords the corresponding functionalized pyrazole-chalcones as 5-P-5 and 3-P-3 tautomeric mixture. The reaction proceeds through an initial nucleophilic addition of diazo substrates to pyrylium salts followed by a base-mediated pyrylium ring-opening and intramolecular 1,5-cyclization to afford formal 1,3-dipolar cycloaddition products. The products underwent a Nazarov-type cyclization upon hydride reduction followed by acidic-workup, furnishing the corresponding indenyl-pyrazoles in high yields.