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The figure of speech in the statement "I smell a rat" is an example of a metaphor.
The words "I smell a rat" compare the speaker's perception of a situation to the literal act of detecting a foul odor. The double meaning of this figure of speech is that while the speaker may not actually be detecting a physical rat with their sense of smell, they are implying that they suspect something dishonest or deceitful is happening in the situation. This metaphor conveys a sense of suspicion and mistrust.