Recently, in connection with C*-algebra theory, the first author and Danilo Royer introduced ultragraph shift spaces. In this paper we define a family of metrics for the topology in such spaces, and use these metrics to study the existence of chaos in the shift. In particular we characterize all ultragraph shift spaces that have Li-Yorke chaos (an uncountable scrambled set), and prove that such property implies the existence of a perfect and scrambled set in the ultragraph shift space. Furthermore, this scrambled set can be chosen compact, which is not the case for a labelled edge shift (with the product topology) of an infinite graph.
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