The Hamiltonian operator for a free non-relativistic particle looks like
$$ \hat{H} = \frac{\hat{p}^2}{2m} = -\frac{\hbar^2}{2m} \nabla^2. $$
In polar coordinates, the Laplacian expands to
$$ \hat{H} = -\frac{\hbar^2}{2m} \left (\frac{1}{r} \frac{\partial}{\partial r} \left( r \frac{\partial}{\partial r} \right) + \frac{1}{r^2} \frac{\partial^2}{\partial \theta^2} \right). $$
The radial and angular momentum operators are $$ \begin{align*} \hat{p}_r = \frac{\hbar}{i} \left(\frac{\partial}{\partial r} + \frac{1}{2r}\right) && \hat{p}_\theta = \frac{\hbar}{i}\frac{1}{r}\frac{\partial}{\partial \theta}. \end{align*}$$
After squaring, summing and comparing to the Hamiltonian, we find that
$$ \hat{H} = -\frac{\hbar^2}{2m} ( \hat{p}_r^2 + \hat{p}_\theta^2 ) - \frac{\hbar^2}{8mr^2}. $$
In classical mechanics, we expect that $ p^2 = p_r^2 + p_\theta^2 $, does this not hold in quantum mechanics? Why does this curious $- \frac{\hbar^2}{8mr^2}$ potential appear, does it have any significance?
Addendum
To clarify the choice of radial momentum operator, consider the naive $ \hat{p}'_r = \frac{\hbar}{i} \frac{\partial}{\partial r} $. Taking the adjoint we find that
$$ \langle \phi, \hat{p}'_r \psi \rangle = \int d\theta \int_0^{+\infty} r dr \phi^* \frac{\hbar}{i} \frac{\partial}{\partial r} \psi = - \int d\theta \int_0^{+\infty} r dr \frac{\hbar}{i} \left( \frac{\partial \phi^*}{\partial r} + \frac{\phi^*}{r} \right)\psi = \int d\theta \int_0^{+\infty} rdr \frac{\hbar}{-i} \left( \frac{\partial}{\partial r} + \frac{1}{r} \right) \phi^* \psi \neq \langle \hat{p}'_r \phi, \psi \rangle$$
With an extra term $\frac{\hbar}{i} \frac{1}{2r}$ it is self-adjoint. This term is different from the one in spherical coordinates by a factor of 2.