Chickasaw National Recreation Area Land Exchange Act of 2004 - Directs the Secretary of the Interior, not later than six months after the Chickasaw Nation conveys all interest in specified non-Federal land (formerly owned by the City of Sulphur, Oklahoma, located adjacent to the existing boundary of the Chickasaw National Recreation Area), to take specified Federal land (in that Area) into trust for the benefit of the Chickasaw Nation.
Requires that the value of the Federal and non-Federal land be determined by an appraisal acceptable to the Secretary and the Chickasaw Nation. Directs that if the values of the lands are not equal they may be equalized through a cash equalization payment by the Secretary or the Chickasaw Nation.
Conditions the land conveyance on the completion of all items included in the Preliminary Exchange Agreement among the City of Sulphur, the Chickasaw Nation, and the National Park Service, executed on July 16, 2002, but makes inapplicable the item providing that the Federal land be taken into trust for the benefit of the Chickasaw Nation.