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Yes, Chavez added a star to the flag and changed the direction of the horse on the coat of arms.
before/after
The first seven correspond to the provinces that signed the Act of Independence on July 5, 1811. The eighth (Guayana) was incorporated later, since that province had not initially signed the independence (it remained loyal to Spain at first), but was liberated during the war of independence.
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The stars represent the provinces that participated in the Venezuelan independence process.
Caracas
Cumaná
Barcelona (present-day Anzoátegui and part of Miranda)
Barinas
Mérida
Trujillo
Margarita (Nueva Esparta)
Guayana (the eighth star, encompassing the present-day states of Bolívar, Amazonas, and Delta Amacuro).
Hugo Chávez did not invent the eighth star: he officially reinstated it in March 2006 (when the Law of National Symbols was amended), fulfilling a historic decree of the Liberator Simón Bolívar.
On November 20, 1817, Bolívar decreed in Angostura (now Ciudad Bolívar) the addition of an eighth star in recognition of the Province of Guayana, which had recently been liberated (after the Orinoco Campaign and the capture of forts in 1817). The text of Bolívar's decree reads verbatim:
"To the seven stars that the National Flag of Venezuela bears, one will be added, as an emblem of the province of Guayana, so that the number of stars will henceforth be eight."
However, after the creation of Gran Colombia and its subsequent dissolution (1830), the Venezuelan flag reverted to the seven-star version for almost two centuries (with some variations). Subsequent governments did not reinstate Bolívar's design.
The horse thing was a whim; in his few words, he wanted it to run free to the left.
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Random question because I just ran across this and I am interested... is it turn that the Venezuelan National Flag used to have 7 Stars on it and when Chavez took over he added an 8th Star for some reason?