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 [X.sub.nBY.sub.4-n].sup.+(n-1)(n-1)Z.sup.-1, wherein X refers to a Lewis base, Y refers to a substituent covalently bonded to boron, Z.sup.-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 [X.sub.2BY.sub.2].sup.+1Tf.sub.2N.sup.-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.