It was the Colombian ace's second hat-trick in five days, following his treble in the league win over Athletic Bilbao on Monday, allowing the Europa League champs to back-up their Super Cup triumph over Inter Milan in 2010.
Falcao opened the scoring inside six minutes against the Champions League winners with a deft finish from the left side of the area on an angle which popped in off the far upright despite the defensive efforts of David Luiz.
The 26-year old striker then doubled the lead with a sublime finish in the 19th minute, curling a left-footer from just inside the box over a scrambling Petr Cech.
Falcao then made it 3-0 on the stroke of half-time when Arda Turan set him up for a close range through the legs of Cech to make it a second hat-trick for the week.
Chelsea managed to grab a consolation goal with around 15 minutes remaining when Gary Cahill received a kind bounce at the head of a dearth players in the box to rifle home from close range, giving Thibaut Courtois no chance.
It could have been far worse for Roberto Di Matteo's Blues with Falcao hitingt the crossbar early, and then the upright from close range later whilst Cech made a number of vital saves, most notably the late reaction block when Koke curled a goalward free-kick from the left flank which evaded all in the box bar the Czech gloveman.
2012 UEFA Super Cup