The chemical functionalization of 2D exfoliated black phosphorus (2D BP) continues to attract great interest, although a satisfactory structural characterization of the functionalized material has seldom been achieved. Herein, we provide the first complete structural characterization of 2D BP functionalized with rare discrete Pd2 units, obtained through a mild decomposition of the organometallic dimeric precursor [Pd(η3-C3H5)Cl]2. A multitechnique approach, including HAADF-STEM, solid-state NMR, XPS, and XAS, was used to study in detail the morphology of the palladated nanosheets (Pd2/BP) and to unravel the coordination of Pd2 units to phosphorus atoms of 2D BP. In particular, XAS, backed up by DFT modeling, revealed the existence of unprecedented interlayer Pd–Pd units, sandwiched between stacked BP layers. The preliminary application of Pd2/BP as a catalyst for the hydrogen evolution reaction (HER …