The 61-year-old won the Alwar seat in the 2014 parliamentary elections after defeating Congress candidate and former union minister Jitendra Singh.
BJP state spokesperson Anand Sharma said Chandnath was suffering from cancer and the end came at a hospital in Delhi.
Prime Minister Narendra Modi expressed grief over the death of the MP.
"Saddened by the demise of LS MP from Alwar, Mahant Chand Nath ji. He will be remembered for his rich social work. My deepest condolences," the prime minister said in a tweet.
Chandnath will be remembered for his contribution for the developmental works, she said.
"I wish peace for the departed soul," Raje said in a tweet.
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