Acetylacetone is a chemical compound with the formula C5H8O2. It is a colorless liquid that has a sweet, fruity odor. Acetylacetone is known for its ability to act as a chelating agent, meaning it can bind to metal ions, which makes it useful in various chemical applications, including catalysis and as a solvent. This compound is also used in the production of metal complexes and as a precursor in organic synthesis. Acetylacetone can be found in some household products, such as paints and coatings, due to its properties that enhance stability and performance.