The least $r$-gap, $g_r(λ)$, of a partition $λ$ is the smallest part of $λ$ appearing less than $r$ times. In this article we introduce two new partition functions involving least $r$-gaps. We consider a bisection of a classical theta identity and prove new identities relating Euler's partition function $p(n)$, polygonal numbers, and the new partition functions. To prove the results we use an interplay of combinatorial and $q$-series methods. We also give a combinatorial interpretation for $$\sum_{n=0}^\infty (\pm 1)^{k(k+1)/2} p(n-r\cdot k(k+1)/2).$$