Which of the following bones is smaller and located laterally in the leg?

The fibula is the correct answer because it is indeed the smaller bone located laterally in the leg. In anatomical terms, the fibula runs alongside the tibia but is thinner and does not bear as much weight. Instead, it serves primarily for muscle attachment and provides stability to the ankle.

The tibia, in contrast, is the larger bone of the lower leg and is positioned medially. The patella, commonly known as the kneecap, is not a bone of the leg but rather a sesamoid bone in the knee joint. The femur is the thigh bone, the longest and heaviest bone in the body, and is located in the upper leg. This context clarifies that the fibula's smaller size and lateral position distinguish it from the other bones listed.