A bayonet collet pickup tool includes a collet chuck having a collet portion including a bore disposed therein. A collet is held in the bore and is operable therein. A bayonet cap is mounted to an outer surface of the collet chuck proximate the bore. The bayonet cap includes a tubular socket concentric with the bore, at least one pair of diametrically opposed linear slots adjacent the socket, and a circular ledge adjacent the socket and perpendicular to the slots. A part including a shaft and at least one pair of diametrically opposed pins projecting from the shaft is receivable in the bayonet cap and the bore. Rotating the collet chuck while the pins are level with the ledge and then closing the collet releasably retains the part in the tool.