A catalyst system and process for combined cracking and selective hydrogen combustion of hydrocarbons are disclosed. The catalyst comprises (1) at least one solid acid component, (2) at least one metal-based component comprised of two or more elements from Groups 4 15 of the Periodic Table of the Elements and at least one of oxygen and sulfur, wherein the elements from Groups 4 15 and the at least one of oxygen and sulfur are chemically bound both within and between the groups and (3) at least one of at least one support, at least one filler and at least one binder. The process is such that the yield of hydrogen is less than the yield of hydrogen when contacting the hydrocarbons with the solid acid component alone.