The first example of a frustrated Lewis pair (FLP) solely constructed around transition metal centers is described in this work. We have focused on the established capacity of Au(I) and Pt(0) complexes to act as Lewis acidic and basic fragments, respectively, while employing sufficiently bulky P(t)Bu3 and terphenyl phosphine ligands. This avoids formation of metallic Lewis adducts and confers the Au(I)/Pt(0) pair a remarkable capacity to activate dihydrogen and acetylene molecules in a fashion that closely resembles that of traditional main group FLP systems. As a consequence, unusual hetero-bimetallic Au(I)/Pt(II) complexes containing hydride (-H), acetylide ( -C CH),and vinylene (-HC= CH-)bridges have been isolated.