Chaos-based schemes to date have failed to offer supportable data rates of the order of Mbps. This paper presents the design and verification of a high data rate (order of Mbps) chaos-based Transceiver system based on the Ergodic Chaotic Parameter Modulation (ECPM) scheme. In evaluating the data rate of the proposed Transceiver, a novel technique to analyze the maximum theoretical data rate capability of any given communication scheme has been devised. The practically achieved value, as obtained from experiments, has been found to be close to the theoretical counterparts. Further, it has been observed that the proposed design is power and resource efficient as compared to existing conventional counterparts.