Using simultaneous observations from Chandra and RXTE, we investigated the LMXB GS 1826-238 with the goal of studying its spectral and timing properties. The uninterrupted Chandra observation captured 6 bursts (RXTE saw 3 of the 6), yielding a recurrence time of 3.54 +/- 0.03 hr. Using the proportional counter array on board RXTE, we made a probable detection of 611 Hz burst oscillations in the decaying phases of the bursts with an average rms signal amplitude of 4.8%. The integrated persistent emission spectrum can be described as the dual Comptonization of ~ 0.3 keV soft photons by a plasma with kT_e ~ 20 keV and an optical depth of about 2.6 (interpreted as emission from the accretion disk corona), plus the Comptonization of hotter ~ 0.8 keV seed photons by a ~ 6.8 keV plasma (interpreted as emission from or near the boundary layer). We discovered evidence for a neutral Fe Kalpha emission line, and we found interstellar Fe L_II and Fe L_III absorption features. The burst spectrum can be fit by fixing the disk Comptonization parameters to the persistent emission best-fit values, and adding a blackbody. The blackbody/seed photon temperature at the peak of the burst is ~ 1.8 keV and returns to ~ 0.8 keV over 200 s. The blackbody radius is consistent with R_bb = 10.3-11.7 km assuming a distance of 6 kpc; however, by accounting for the fraction of the surface that is obscured by the disk as a function of binary inclination, we determined the source distance must actually be near 5 kpc in order for the stellar radius to lie within the commonly assumed range of 10-12 km.
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