  We study a three dimensional analogue of the Wess--Zumino--Witten model,
which describes the Goldstone bosons of three dimensional Quantum
Chromodynamics. The topologically non--trivial term of the action can also be
viewed as a nonlinear realization of Chern--Simons form. We obtain the current
algebra of this model by canonical methods. This is a three dimensional
generalization of the Kac--Moody algebra.
