We study a three dimensional analogue of the Wess--Zumino--Witten model, which describes the Goldstone bosons of three dimensional Quantum Chromodynamics. The topologically non--trivial term of the action can also be viewed as a nonlinear realization of Chern--Simons form. We obtain the current algebra of this model by canonical methods. This is a three dimensional generalization of the Kac--Moody algebra. ; Comment: 11 pages, UR-1266, ER40685-720