Formic acid (FA) is an attractive compound for H2 storage. Currently, the most active catalysts for FA dehydrogenation use precious metals. Here, we report a homogeneous iron catalyst that, when used with a Lewis acid (LA) co-catalyst, gives approximately 1,000,000 turnovers for FA dehydrogenation. To date, this is the highest turnover number reported for a first-row transition metal catalyst. Preliminary studies suggest that the LA assists in the decarboxylation of a key iron formate intermediate and can also be used to enhance the reverse process of CO2 hydrogenation.