Yes, a chatterbait can bite trout, but not in the most typical fashion used to fish them. Chatterbaits tend to be used with bigger, more boisterous fish such as bass and pike, and as such, they have bigger hooks to deal with larger fish, which begs the obvious response: Why are chatterbait hooks so big? The reason is in the fact that they have to pass the harsh mouths and have to fit in the bulky soft plastic trailers, something that does not usually involve trout fishing. But under some circumstances, a small profile chatter bait can result in reaction strikes; such as when the trout are feeding up aggressively in a larger river or perhaps a lake where they look like wounds bait fish.
With that said, many anglers choose smaller and more fine-tuned styles of fishing lures or fishing bait, such as spinners and spoons, or soft plastics, when fishing trout. These baits are more accurate in terms of prey/prey sizes that the trout normally feed on in nature, as well as more suited to the smaller mouths. Assuming you are determined to fish a chatterbait to trout, you should look at a down sized version with a smaller hook and trailer so you hook up more consistently and your creation more closely mimics the fish the trout are feeding on.