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Alchemy: Dire Straits Live is the first live album by the British rock band Dire Straits, released on 16 March 1984 by Vertigo Records internationally, and by Warner Bros. Records in the United States. Recorded at the Hammersmith Odeon in London on 22–23 July 1983, the double album features songs from the band's first four albums, the ExtendedancEPlay EP and Mark Knopfler's Local Hero soundtrack. Many of the songs have reworked arrangements and extended instrumental segments. The album cover is taken from a painting by Brett Whiteley.
Alchemy: Dire Straits Live was remastered and reissued with the rest of the Dire Straits catalogue in 1996 for most of the world outside the United States and was remastered and re-released in the USA on 8 May 2001.
In November 2023, Alchemy was re-released and expanded for the box set Live 1978–1992.