Activation of CO by the rhenium(V) oxo complex [(DAAm)Re(O)(CH(3))] (1) [DAAm = N,N-bis-(2-arylaminoethyl)methylamine; aryl = C(6)F(5), Mes] resulted in the isolation of the rhenium(III) acetate complex [(DAAm)Re(O(2)CCH(3))(CO)] (3). The mechanistic details of this reaction were explored experimentally. The novel oxorhenium(V) acyl intermediate [(DAAm)Re(O)-(C(O)CH(3))] (2) was isolated, and its reactivity with CO was investigated. An unprecedented mechanism is proposed: CO is activated by the metal oxo complex 1 and inserted into the rhenium-methyl bond to yield acyl complex 2, after which subsequent migration of the acyl ligand to the metal oxo ligand yields acetate complex 3. X-ray crystal structures of 2 and 3 are reported.