Chrome's bookmarks don't work how IE's does. Each item in IE's Favorites is a file in your Windows filesystem. Chrome uses a single filed called "Bookmarks", and internally manages that file, so if you delete a bookmark, you won't ever find it in your recycle bin.
Once you delete a bookmark in Chrome, I am afraid that it's gone (though, in Firefox, if you deleted a bookmark, you could just *** ctrl z to bring it back from the grave). But, there may be a chance that you could recover it from your |Bookmarks.bak| file.
If you're on Vista, go to C:Users<your_username>AppDataLocalChromeUser DataDefault
On XP: C:Documents and Settings<your_username>Local SettingsChromeUser DataDefault
(you have to have Hidden Folders enabled to see the AppData and Local Settings folders)
If you see a "Bookmarks.bak" file there, chances are that may me a backup of all your bookmarks before anything got messed up. Though I wouldn't recommend this; backup your "Bookmarks" file somewhere, or rename it first. Then rename the "Bookmarks.bak" file to "Bookmarks", and try to fool Chrome in to using that one.
It just may solve your problem. Though, I wouldn't really know. But that's the only solution that comes to mind right now. Otherwise, I don't think there's anything you can do =