Definitely not. It's loaded with sugar, which chinchillas can't have (Raisins, Dehydrated Bananas, Cane Molasses). I feed Oxbow, but if you use the search feature at the top, you'll find a bunch of other options for high quality feed, most of which you can buy online or from members on here. I order from Sandi every few months for my four.
For those who want the ingredients:
Dehydrated Alfalfa Meal, Wheat Middlings, Whole Oats, Dehulled Soybean Meal, Soybean Hulls, Corn Distillers Dried Grains, Solvent Extracted Linseed Meal, Ground Corn, Raisins, Dehydrated Bananas, Cane Molasses, Dried Whey, Calcium Phosphate, Calcium Carbonate, Salt, Yeast, Soybean Oil, Propionic Acid (a Preservative), Ascorbic Acid, Vitamin A Supplement, Vitamin D3 Supplement, Menadione Sodium Bisulfite Complex, Vitamin E Supplement, Riboflavin, Calcium Pantothenate, Niacin, Choline Chloride, Dried Enterococcus Faecium Fermentation Extract, Dried Saccharomyces Cerevisiae Fermentation Extract, Dried Aspergillus Oryzae Fermentation Extract, Dried Aspergillus Niger Fermentation Extract, Dried Lactobacillus Acidophilus Fermentation Extract, Yucca Schidigera Extract, Folic Acid, Pyridoxine Hydrochloride, Thiamine Mononitrate, Biotin, Vitamin B12 Supplement, Manganese Sulfate, Ferrous Sulfate, Zinc Oxide, DL-Methionine, Copper Oxide, Copper Sulfate, Calcium Iodate, Cobalt Carbonate, Sodium Selenite, Anise Flavor, Color Added (Blue #1, Yellow #5, Yellow #6), Ethoxyquin (a Preservative).
Source:
http://www.tractorsupply.com/small-animal-food/lm-animal-farms-trade-vita-vittles-trade-chinchilla-diet-2-lb--2183367