The Parachute is a gliding tool that can be purchased at the Pro Shop for 500,000 honey. It allows you to glide through the air and change your direction while airborne.
To activate it, jump, wait until you are at the point when you are about to fall back down, then jump again: if you just jumped into the air, jump once more, but if you got airborne through some other method (a cannon, for example), then double-jump. To disengage it, just jump in the air while it is out.
The primary use of the Parachute is to glide to places on the map that would otherwise be inaccessible. It is thus vital to collecting many of the Royal Jelly and ticket tokens around the map and to perform several shortcuts. The Parachute can also be used to dodge mobs since most of them can't "see" you while you're in the air.