Iron overdose can be life-threatening in children, and the primary antidote used is Deferoxamine, which is a chelating agent that binds to iron and facilitates its excretion. The other agents listed (EDTA, British anti-Lewisite, Penicillamine) are not effective for iron toxicity.
Deferoxamine works by forming a complex with iron, which is then excreted by the kidneys.
Thus, the correct answer is Deferoxamine (2).