Okay so I was driving my bronco I noticed that I had lost a lot of my power going up a hill so I was gonna take it home. While driving home I heard a loud pop from the engine then my bronco started shaking really bad and running horribly rough. Could this be the timing chain?

 

Dip , tell us more about your Bronco 4.9 . 5.0, 5.8 etc That helps TR

 

My bad it's the 5.8

 

Is a 1985 5.8L carburetor, or fuel injection?

 

Carburetor

 

You could have had a fuel delivery problem for the lack of power. And if that was it, with it running way lean, it then could have backfired through the carburetor for the pop you heard. The backfire could have bent something in the carb.
That, however, is only conjecture from this distance.
I think you will need to do some basic troubleshooting on it at idle to find out where the problem is.

In the list of things needed for an engine to run:
Fuel
Air
Ignition
Engine Mechanical

I would not assume right off the bat that the timing chain slipped over a link or more. I would leave Engine Mechanical for the last, as in general, it is the least likely.