His government announced it had taken control of 3,700 acres owned by the Dublin-based Smurfit Kappa Group.
Socialist leader Chavez said he was making the move because the land was being used to grow eucalyptus, a cardboard component, instead of food in violation of Venezuelan law.
The land-grab, affecting an estate in Venezuela's western state of Lara, is the second high-profile nationalisation in as many days.
Earlier this week Chavez ordered the takeover of a Venezuelan unit of US agriculture giant Cargill.
Speaking of his latest move against Smurfit Kappa on state TV, he said: "We are going to use all the eucalyptus wood sensibly and harvest other things there, beans, corn, sorghum, cassava and yam."
Public works minister Diosdado Cabello added: "The multinational Smurfit harvests a specific type of wood. It absorbs almost all the water in the subsoil and the only beneficiaries of the harvest are the owners of the company."
Chavez launched a nationwide land reform after taking office in 1999.
Venezuela's Chavista-dominated Nationality Assembly passed a law two years later giving the state power to seized underused farmland.
The takeover coincides with deepening shortages of food supplies in Venezuela and comes less than a month after Chavez won a referendum that will allow him to run an unlimited number of times for presidency.
Thatcher famously said that socialism only lasts until you run out of other people's money...
Looks like Chavez is going to run out of other people's land, too.
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