The name was derived from Chimera, the monstrous creature of Greek mythology, which was made of the parts of multiple animals.

First debuted at the 1992 Earl's Court Motor Show, the Chimaera is an open-top roadster and uses the same backbone chassis and Rover V8 engine derivatives as the TVR Griffith.

The suspension consisted of all round independent, unequal-length double wishbones and coil over gas dampers assisted by anti-roll bars.

The Chimaera was originally intended to replace the Griffith but sufficient demand for both of the models led TVR continuing them.

In 1998, the rear light styling and the number plate mounting angle was updated while the base 4.0 litre model was discontinued.