It has been demonstrated that the presence of chaos may lead to greater entanglement generation for some physical systems. Here, we find different effects of chaos on the spin-motion entanglement for a two-frequency driven Bose-Einstein condensate with spin-orbit coupling. We analytically and numerically demonstrate that classical chaos can assist or suppress entanglement generation, depending on the initial phase differences between two motional states, which can be manipulated by using the known phase-engineering method. The results could be significant in engineering nonlinear dynamics for quantum information processing with many-body entanglement.