We examine the properties of the X-ray gas in the central regions of the distant ( z = 0.46 ) , X-ray luminous cluster of galaxies surrounding the powerful radio source 3C295 , using observations made with the Chandra Observatory . Between radii of 50 - 500 kpc , the cluster gas is approximately isothermal with an emission-weighted temperature , kT \sim 5 keV . Within the central 50 kpc radius this value drops to kT \sim 3.7 keV . The spectral and imaging Chandra data indicate the presence of a cooling flow within the central 50 kpc radius of the cluster , with a mass deposition rate of approximately 280 \hbox { $ \thinspace M _ { \odot } $ } { \thinspace yr } ^ { -1 } . We estimate an age for the cooling flow of 1 - 2 Gyr , which is approximately one thousand times older than the central radio source . We find no evidence in the X-ray spectra or images for significant heating of the X-ray gas by the radio source . We report the detection of an edge-like absorption feature in the spectrum for the central 50 kpc region , which may be due to oxygen-enriched dust grains . The implied mass in metals seen in absorption could have been accumulated by the cooling flow over its lifetime . Combining the results on the X-ray gas density profile with radio measurements of the Faraday rotation measure in 3C295 , we estimate the magnetic field strength in the region of the cluster core to be B \sim 12 \mu G .