Covalent functionalization significantly enhances the utility of carbon nanomaterials for many applications. Herein, we report an efficient method for the covalent functionalization of carbon nanotubes (CNTs) and graphite. This reaction involves the reduction of carbon nanomaterials with sodium naphthalide, followed by the addition of diaryliodonium salts. CNTs, including single-walled, double-walled, and multi-walled variants (SWCNTs, DWCNTs, and MWCNTs, respectively), as well as graphite, can be efficiently functionalized with substituted arene and heteroarene iodonium salts. The preferential transfer of phenyl groups containing electron-withdrawing groups was demonstrated by reactions with unsymmetrical iodonium salts. The lower reactivity of iodonium salts, relative to the more commonly used diazonium ions, presents opportunities for greater diversity in the selective functionalization of carbon nanomaterials.