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Chain tool
A tool used to press the rivet pin of a chain partway out of a link, in order to disconnect ("break") a chain to shorten it or to remove it from the bicycle.
A chain tool has traditionally also been used to insert a rivet pin to reassemble or lengthen a chain. Some narrow chains require replacement of a rivet pin instead, though many chains are equipped with a special link which can be disassembled and reassembled without pressing out a pin. For 1/8" inch wide chains, this is called the master link. The SRAM Power Link and similar products from Wippermann and KMC work with chains on derailer-equipped bicycles. With the narrowest chains, options become more limited.
Also see my article on chains.
