Alchemy: Dire Straits Live is the first live album by the British rock band Dire Straits, released in 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.

Dire Straits were a British rock band formed in London in 1977 by Mark Knopfler, David Knopfler, John Illsley and Pick Withers. They were active from 1977 to 1988 and again from 1990 to 1995.