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 one or more elements from Groups 1 and 2; one or more elements from Group 3; one or more elements from Groups 4 15 of the Periodic Table of the Elements; and at least one of oxygen and sulfur 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.