The burgeoning field of nanoscience has stimulated an intense interest in properties that depend on particle size. For transition metal particles, one important property that depends on size is catalytic reactivity, in which bonds are broken or formed on the surface of the particles. Decreased particle size may increase, decrease, or have no effect on the reaction rates of a given catalytic system. This Account formulates a molecular theory of the structure sensitivity of catalytic reactions based on the computed activation energies of corresponding elementary reaction steps on transition metal surfaces. Recent progress in computational catalysis, surface science, and nanochemistry has significantly improved our theoretical understanding of...