A Baronet is not a baron or a baroness or the lands they hold. Instead it is a slightly lower British rank that lies between baron and knight on the Order of Precedence. Only the Knights of the Garter are above it. It is the lowest hereditary order.
This sense of baronet is also just outside of the SCA period as it was started by James I in 1611. However, the term was also used by Richard II to refer to nobility who lost the right of individual summons to Parliament.