Is there treatment for a chipped lateral malleolus?

Treatment Possible. I assume you mean a little chip in the ankle. The chip could indicated that a ligament was pulled from the lateral malleolus. Treatment would depend upon finding on physical exam. An active ankle brace could provided some stability while the injury heals. It also may be treated with a short-leg fracture boot. Finally at some point you may need some physical therapy.
Depends. If the chip is not intra-articular (within the joint) and if is not causing pain or discomfort and if it is not large, it is probably safe to do nothing at all. If, however, there are symptoms or its size and location necessitate it, it may need to be excised or repaired with fixation.