Yes! http://i.imgur.com/jzEbP4g.png
Menu > Preferences > Advanced > Network > Settings… > No Proxy.
Very simple and easily discoverable setting.
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Google Chrome uses your OS's settings for proxy, though, so you can't easily turn it off in most cases, but you can go toSettings (scroll down a page) > Advanced Settings > Network > Configure System Proxy Settings
(that redirects you to the system settings for proxies, usually).