In the media, President Hugo Chavez seems to be portrayed more commonly these days as a threat to golf, which he considers “bourgeois” and is trying to eradicate in Venezuela, than to regional stability.

If only that were the case.

Overshadowed by America’s strategic distractions with the wars in Afghanistan, Iraq and with terrorism, and nettlesome nuclear troubles with Iran and North Korea, to name a few, Chavez is all but flying under the threat radar.

But threats there are: From his ties to terrorist groups and rogue regimes to his military modernization and nuclear ambitions, the Venezuelan caudillo is becoming a real reason for concern on the security front.

To ignore what is happening in...