I believe I know the reason. I had the same problem when I tried to use env, which has been compile with dynamic linking. It requires the \lib dir with some libraries in it, it seems.

I am having the exact same problem. I can't chroot to lfs directory. My lfs is on /lfs is only difference. Same thing /lfs/static/bin/{env,bash} are executable and can be ran as root from their present location.

chroot /lfs /static/bin/env -i HOME=/root TERM=$TERM PS1='\u:\w\$ ' PATH=/bin:/usr/bin:/sbin:/usr/sbin:/static/bin /static/bin/bash --login

/static/bin/env: /static/bin/bash: No such file or directory

echo $LFS
/lfs

chroot /lfs
chroot: /bin/bash: No such file or directory

ls -l /lfs/static/bin/{bash,env}
-rwxr-xr-x 1 root root 625516 Aug 25 10:06 /lfs/static/bin/bash*
-rwxr-xr-x 1 root root 426644 Aug 25 10:06 /lfs/static/bin/env*

s -l /bin/{bash,env}
-rwxr-xr-x 1 root root 625516 Jan 14 2003 /bin/bash*
-rwxr-xr-x 1 root root 11832 Feb 13 2003 /bin/env*


I do notice that the env from LFS is really big even though i stripped it.

I think you should mount $LFS -o remount,exec,dev,rw .

Then chroot.

If that doesn't work, what is the output of chroot?