Looks like a drilled shell but there is some fossils that can cause similar holes can’t tel for sure from that pic but the way it’s cracked from the hole to the edge I would lean towards drilled shell maybe for jewelry
The hole looks drilled. But it does look like a small fossil shell. Is it hard like a rock, or chalky like a shell? Also where you found it, would also help.
If you found it on the beach it most likely is a hole drilled by a marine animal that feeds on mollusks. Oyster drill type predators. Holes in shells on beaches are very common. Close up pics could help but I think Rum Tide is correct.