Single-atom alloys (SAAs) have drawn significant attention in recent years due to their excellent catalytic properties. Controlling the geometry and electronic structure of this type of localized catalytic active site is of fundamental and technological importance. Dual-atom alloys (DAAs) consisting of a heterometallic dimer embedded in the surface layer of a metal host would bring increased tunability and a larger active site, as compared to SAAs. Here, we use computational studies to show that DAAs allow tuning of the active site electronic structure and reactivity. Interestingly, combining two SAAs into a dual-atom site can result in molecular-like hybridization by virtue of the free-atom-like electronic d states exhibited by many SAAs. DAAs can inherit the weak d–d interaction between dopants and hosts from the constituent SAAs, but exhibit new electronic and reactive properties due to dopant–dopant interactions in the DAA. We identify many heterometallic DAAs that we predict to be more stable than either the constituent SAAs or homometallic dual-atom sites of each dopant. We also show how both electronic and ensemble effects can modify the strength of CO adsorption. Because of the molecular-like interactions that can occur, DAAs require a different approach for tuning chemical properties compared to what is used for previous classes of alloys. This work provides insights into the unique catalytic properties of DAAs, and opens up new possibilities for tailoring localized and well-defined catalytic active sites for optimal reaction pathways.