  We present a {\it Chandra} observation of IRAS 19254--7245, a nearby ULIRG
also known as {\it the Superantennae}. The high spatial resolution of {\it
Chandra} allows us to disentangle for the first time the diffuse starburst
emission from the embedded Compton-thick AGN. The 2-10 keV spectrum of the AGN
emission is fitted by a flat power-law $\Gamma=1.3$) and a He-like Fe K$\alpha$
line with EW$\sim$1.5 keV, consistent with previous observations. The Fe
K$\alpha$ line profile could be resolved as a blend of a neutral 6.4 keV line
and an ionized 6.7 keV (He-like) or 6.9 keV (H-like) line. Variability is
detected compared with the previous {\it XMM-Newton} and {\it suzaku}
observations, demonstrating the compact size of the iron line emission. We fit
the spectrum of the galaxy-scale extended emission excluding the AGN and other
bright point sources with a soft thermal component with kT~0.8 keV. The
luminosity of the extended emission is about one order of magnitude lower than
that of the AGN. The basic physical and structural properties of the extended
emission are fully consistent with a galactic wind being driven by the
starburst (no contribution to the feedback by the AGN is required). A candidate
ultra-luminous X-ray source is detected 8\arcsec\ south of the southern
nucleus. The 0.3-10 keV luminosity of this off-nuclear point source is
~$6\times 10^{40}$ erg s$^{-1}$ if the emission is isotropic and the source is
associated with the Superantennae.
