A Parachute allows the pioneer to fall slower and take no fall damage. It is used by pressing the jump button (default Space) while descending in the air. Pressing the jump while ascending upwards in the air will not work. If a stack of multiple parachutes is equipped, only one will be consumed upon landing.
Once a parachute is deployed, it becomes very difficult to control the horizontal movement speed mid-air. Beware of using this with Hyper Tube Cannon.