Well, I haven't come across one yet, but I've heard that there are "flight suits" in the game and that they have parachutes. I don't know if it's something you can buy at some point in the game, or if you only get one for certain missions.
Yeah, I think the flight suits that Butterscotch mentioned are about as close as you're going to get to parachutes in Far Cry 3. I haven't tried one yet, but I'm looking forward to it. I hope it's not exactly the same as hang gliding.
There are no parachutes in the game, but there are flight suits, and those are pretty much the same thing. The flight suits are enabled whenever you jump off something and they allow you to move around quickly and deploy a parachute quickly so you can have a safe landing off of a cliff (or other options)