We present a new paradigm for three-dimensional chaos, and specifically for the Lorenz equations. The main difficulty in these equations and for a generic flow in dimension 3 is the existence of singularities. We show how to use knot theory as a way to remove the singularities. Specifically, we claim: (i) for certain parameters, the Lorenz system has an invariant one-dimensional curve, which is a trefoil knot. The knot is a union of invariant manifolds of the singular points. (ii) The flow is topologically equivalent to an Anosov flow on the complement of this curve, and moreover to a geodesic flow. (iii) When varying the parameters, the system exhibits topological phase transitions, i.e. for special parameter values, it will be topologically equivalent to an Anosov flow on a knot complement. Different knots appear for different parameter values and each knot controls the dynamics at nearby parameters.