We report on the structural and electronic properties of a single bismuth layer intercalated underneath a graphene layer grown on an Ir(111) single crystal. Scanning tunneling microscopy (STM) reveals a hexagonal surface structure and a dislocation network upon Bi intercalation, which we attribute to a √3×√3R30∘ Bi structure on the underlying Ir(111) surface. Ab initio calculations show that this Bi structure is the most energetically favorable and illustrate that STM measurements are most sensitive to C atoms in close proximity to intercalated Bi atoms. Additionally, Bi intercalation induces a band gap (Eg=0.42 eV) at the Dirac point of graphene and an overall n doping (∼0.39eV) as seen in angular-resolved photoemission spectroscopy. We attribute the emergence of the band gap to the dislocation network which forms favorably along certain parts of the moiré structure induced by the graphene/Ir(111) interface.