If you ever need to point a domain name at an IP address, for sandboxing during development, or for whatever reasons, then Chrome can be a real nuisance. It seems to cache the domain name and refuses to use your new IP address.
Recent versions supposedly monitor
/etc/hosts, and if you view the DNS cache this seems to be true.
However it can still be stubborn about actually using the new IP. After some digging I found that clearing the socket pool usually does the trick.
Certainly beats waiting until Chrome finally gives up the old values.