Chromium(II) iodide (CrI2) reacts with water to produce chromium(III) oxide (Cr2O3), hydrogen iodide (HI), and iodine (I2). The reaction can be represented by the following equation:

$$2CrI_2 + 3H_2O → Cr_2O_3 + 6HI + I_2$$

In this reaction, chromium(II) is oxidized to chromium(III), while water is reduced to hydrogen iodide and iodine. The reaction is accompanied by a color change from red (CrI2) to green (Cr2O3).