A catalyst and a method for selectively reducing nitrogen oxides (“NOx”) with ammonia are provided. The catalyst includes a first component comprising a zeolite or mixture of zeolites selected from the group consisting of ZSM-5, ZSM-11, ZSM-12, ZSM-18, ZSM-23, MCM-zeolites, mordenite, faujasite, ferrierite, zeolite beta, and mixtures thereof; a second component comprising at least one member selected from the group consisting of cerium, iron, copper, gallium, manganese, chromium, cobalt, molybdenum, tin, rhenium, tantalum, osmium, barium, boron, calcium, strontium, potassium, vanadium, nickel, tungsten, an actinide, mixtures of actinides, a lanthanide, mixtures of lanthanides, and mixtures thereof; optionally an oxygen storage material and optionally an inorganic oxide. The catalyst selectively reduces nitrogen oxides to nitrogen with ammonia at high temperatures. The catalyst has high hydrothermal stability. The catalyst has high activity for conversion of low levels of nitrogen oxides in exhaust streams. The catalyst and the method may have special application to selective reduction of nitrogen oxides in exhaust gas from gas turbines and gas engines, although the catalyst and the method have broad application to a wide range of gas streams that have excess oxygen and high temperatures. The temperature of exhaust gas from gas turbines and gas engines is high. Both the high temperature and the low levels of inlet NOx are challenging for selective catalytic reduction (SCR) catalysts.