Chester Earl Stephenson (born July 31, 1947) is an American former Major League Baseball pitcher.

Born in Benson, North Carolina, Stephenson made his major league debut in relief on April 7, 1971 against the St. Louis Cardinals.

He earned his first and only save seventeen days later against the New York Mets, hurling 2.1 scoreless innings in a 7–5 home victory.

Stephenson was traded along with Jim Colborn and Brock Davis by the Cubs to the Milwaukee Brewers for outfielder José Cardenal on December 3, 1971.

One highlight of the '72 season occurred at County Stadium when he earned his first win as a starting pitcher, hurling seven scoreless innings in a 2–0 victory over the Boston Red Sox in game one of a June 25 doubleheader.