There are several options. Here is a straight-forward one:
seq = [x['the_key'] for x in dict_list]
min(seq)
max(seq)
[Edit]
If you only wanted to iterate through the list once, you could try this (assuming the values could be represented as ints):
import sys
lo,hi = sys.maxint,-sys.maxint-1
for x in (item['the_key'] for item in dict_list):
lo,hi = min(x,lo),max(x,hi)