The unprecedented combined reduction of chloroauric acid and capping of the resulting gold nanoparticles in the absence of an external reducing agent are demonstrated using a novel heteroleptic Ir(III) complex incorporating a 4,5-diazafluorenedithiolate ligand. The reduction process in basic medium results from a cascade mechanism involving oxidation of the ligand, reduction of the gold salt, and stabilization and functionalization of the gold nanoparticles.