“Parachutes aren't very common on Rook Island. Oh yeah, and make sure to watch out for the bags of pots and pans disguised as parachutes”
— The Survival Guide
The Parachute is a usable item in Far Cry 3, Far Cry 4 and Far Cry 5. Jason is given the parachute along with the Wingsuit by Willis Huntley after flying to the Southern Island. Ajay can buy it or find it at some places in Kyrat. You can unlock the parachute in the perks menu on Far Cry 5. It costs 1 perk point to buy on Far Cry 5.
The Parachute is used for making a safe landing after using the Wingsuit. Landing without the parachute will cause the player to die, except when landing in the water, or landing in a low enough angle. If the Parachute is deployed too late, it can not reduce enough speed for a safe landing.
The Wingsuit is deployed in the PS3 with the L3 button. The Parachute is deployed with the X or jump button.