IPA: /ˈθʌm.wiːl/
KK: /ˈθʌmˌwiːl/
A small wheel that you can turn with your thumb to control a device or adjust settings.
He adjusted the volume on the radio using the thumbwheel.
Thumbwheel → The word is formed from "thumb" (from Old English "þuma", meaning the short, thick digit on the hand) and "wheel" (from Old English "hwēol", meaning a circular object that revolves). A thumbwheel is a small wheel that is operated by the thumb.
Think of using your 'thumb' to turn a 'wheel' — that's how a thumbwheel works.
No commonly confused words.