One aspect of the present invention relates to “boronium” ions that are stable, hydrophobic, room-temperature ionic liquids. In certain embodiments, ionic liquids of the instant invention are represented by the formula [XnBY4−n]+(n−1)(n−1)Z−1, wherein X refers to a Lewis base, Y refers to a substituent covalently bonded to boron, Z−1 is a charge diffuse anion, and x is 2, 3 or 4. In certain embodiments, the ionic liquids of the instant invention are of the general type [X2BY2]+1Tf2N−1, wherein each X is independently a tertiary amine, a N-alkylimidazole or a pyridine; and each B—X bond is a B—N bond.