We report our analysis of a { \it Chandra } X-ray observation of the rich globular cluster Terzan 5 , in which we detect 50 sources to a limiting 1.0-6 keV X-ray luminosity of 3 \times 10 ^ { 31 } ergs s ^ { -1 } within the half-mass radius of the cluster . Thirty-three of these have L _ { X } > 10 ^ { 32 } ergs s ^ { -1 } , the largest number yet seen in any globular cluster . In addition to the quiescent low-mass X-ray binary ( LMXB , identified by Wijnands et al . ) , another 12 relatively soft sources may be quiescent LMXBs . We compare the X-ray colors of the harder sources in Terzan 5 to the Galactic Center sources studied by Muno and collaborators , and find the Galactic Center sources to have harder X-ray colors , indicating a possible difference in the populations . We can not clearly identify a metallicity dependence in the production of low-luminosity X-ray binaries in Galactic globular clusters , but a metallicity dependence of the form suggested by Jordán et al . for extragalactic LMXBs is consistent with our data .