chroot fails - cannot run command `/bin/bash': No such file or directory

The error message is misleading: /bin/bash: No such file or directory can mean either that /bin/bash doesn't exist, or that the dynamic loader used by /bin/bash doesn't exist. (You'll also get this message for a script if the interpreter on the #! line doesn't exist.)

/bin/bash is looking for /lib64/ but you provided /lib/ Make /usr/chroot/lib64 a symbolic to lib or vice versa.