Baía Chacororé is located in the Pantanal Matogrossense of Mato Grosso, situated between the town of Barão de Melgaço and the district of Mimoso. It is considered the largest bay in the Pantanal, stretching approximately 64 kilometers in length and up to 16–17 kilometers in width — dimensions that exceed those of the Baía de Guanabara in Rio de Janeiro. The bay is fed and regulated by the flooding cycle of the rio Cuiabá, which connects to it through a series of lateral channels called corixos. The corixo do Mato is a particularly important natural canal linking Chacororé to the adjacent and smaller Sinhá Mariana bay.

Water levels vary dramatically with the Pantanal's seasonal flood-and-drought cycle. The rainy season runs from November through March, and during peak flood conditions the bay can expand considerably. In recent drought years, water levels dropped so severely that boat access became impossible in parts of the bay. Paddlers should plan around this cycle, as conditions can shift from open water to near-impassable shallows depending on the year and season.

Reaching the bay from Barão de Melgaço typically involves about an hour by boat, passing through the rio Mutum and Sinhá Mariana before navigating the corixo do Mato. Pousada do Rio Mutum, located in the area, offers canoe paddling as part of its programming, with early-morning departures of roughly 90 minutes that provide an opportunity to experience the bay at sunrise.

Fishing is prohibited throughout Mato Grosso from October 1 through January 31 due to the Piracema fish breeding season. Outside that window, the bay supports at least eight fish species including Pygocentrus nattereri (piranha), Salminus brasiliensis, and Prochilodus lineatus. Recreational vessels operating in Brazilian waters require a Vessel Inscription Title (TIE/TIEM) issued through the Brazilian Navy's DPC service, valid for five years.

The bay is surrounded by rich aquatic vegetation, and the landscape includes murunduns (small elevated landforms) and dense birdlife. Caiman, anaconda, capivara, hyacinth macaw, and various species of stork and heron are present in the broader region. Chacororé also functions as an important spawning and nursery habitat for migratory fish, a role that depends on maintaining open flow through the corixos connecting it to neighboring bays.