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Ctrl + K opens the command palette. Type a few letters, then Enter to run the selected row. Esc closes it, and so does a click outside the panel.
Command palette
The placeholder shows the other lists:
  • Commands, the default. A leading > is the same list.
  • $ then a few letters lists favorites.
  • % lists directories on %PATH%.
  • ! runs a program. The same ! prefix works in the filter.
Commands that need a selection, such as Rename or Delete, stay out of the list until something is selected. Focus Next Pane and Focus Previous Pane stay out until the window is split.
The same commands are listed under Keyboard shortcuts.