Candor Chasma is one of the largest canyons in the Valles Marineris canyon system on Mars. It is unclear how the canyon originally formed; one theory is that it was expanded and deepened by tectonic processes similar to a graben, while another suggests that it was formed by subsurface water erosion similar to a karst. MRO discovered sulfates, hydrated sulfates, and iron oxides in Candor Chasma. (wikipedia entry)
A chasma is a deep, elongated, steep-sided depression. On Mars they are named after the nearest named albedo feature on the Schiaparelli or Antoniadi maps.