The combination of cobalt‐catalyzed migratory arylzincation and copper‐mediated/catalyzed chalcogenative cyclization allows the construction of benzothiophenes and benzoselenophenes from arylzinc reagents, alkynes, and elemental chalcogens. Benzothiophenes and benzoselenophenes diversely functionalized at the benzene ring moiety can be prepared, which are not readily accessible by conventional methods.