There's already a question asking what the smallest component is.
However, according to its answer, the smallest piece would be the screwdriver.
It is pretty small, but its length is over 2 studs, perhaps even exactly three (I don't have one on hand to check). A regular 1x2 plate is smaller in that regard.
What is the smallest piece measured by its largest dimension?
The smallest I could come up with is the 1x1 round plate. Is there anything smaller?