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Enslavers once used to be, but it seems they mostly starved themselves to death and Chaos overtook them as they primary Warp based threat. (Also I'm unsure they count as a race if they are Warp entities)

For now I think the Hrud is the most dangerous of the minor xenos species, as they are numerous and spread all over the galaxy and can on occasion threaten the forces of the major factions even if in general they tend to lose such confrontations.

Do the Old Ones count? Technically, they still exist in Qah, the One Who Lingers. And Qah has done a lot in the last 500,000 years, if you believe the whispers and ancient prophecies, such as engineering the God Emperor of Man (and possibly imbuing Him with part of his essence), putting in motion other plots against the C’Tan (possibly including choosing Earth to take advantage of the Void Dragon, leading to the ascendancy of Man/Mars/Mechanicum, DAOT, etc.), and, of course, splitting into the Umbra (a persistent if low key threat in its own right).


Automatically Appended Next Post:
Enslavers should count as a race. Heck, they should probably be surging back into the top considering what’s happening to the galaxy in the new fluff.

Enslavers as they were able to threaten the godlike old ones.

Also, whatever the Tyranids are running from, if that theory is true.

Heh, I think I just have them on the brain right now but:

Squats.

Because odds are good that if they DO get introduced back onto the table-top, well, GW isn't going to be like: "They are a minor race who never wins any battles and isn't a threat to anyone."

No, they will probably end up being:

"I know you never heard of them/think they are a joke/forgot about them... but now they are the BIGGEST, STRONGEST THREAT EVER!"

Just saying.