  We present the results from a Chandra observation of the powerful radio
galaxy 3C 265. We detect X-ray emission from the nucleus, the radio hotspots
and lobes. In particular, the lobe X-ray emission is well explained as
anisotropic inverse Compton scattering of the nuclear photons by the
relativistic electrons in the radio lobes; the comparison between radio
synchrotron and IC emission yields a magnetic field strength a factor about 2
lower than that calculated under minimum energy conditions. The X-ray spectrum
of the nucleus is consistent with that of a powerful, strongly absorbed quasar
and the X-ray emission of the south-eastern hotspot can be successfully
reproduced by a combination of synchro-self Compton and inverse Compton
emission assuming a magnetic field slightly lower than equipartition.
