  We present a {\it Chandra} ACIS observation of SNR G54.1+0.3. This supernova
remnant is resolved into several distinct X-ray emitting components: a central
bright point-like source (CXOU J193030.13+185214.1), a surrounding ring,
bipolar elongations, plus low surface brightness diffuse emission. The spectra
of these components are all well described by power-law models; the spectral
index steepens with increasing distance from the point-like source. We find no
evidence for any thermal plasma emission that would correspond to shocked
interstellar medium or ejecta. The observed morphological and spectral
characteristics suggest that G54.1+0.3 is the closest ``cousin'' of the Crab
Nebula -- a pulsar wind nebula driven by a combination of equatorial and polar
outflows from the putative pulsar represented by the point-like X-ray source.
