The machete is a melee weapon, Unlike the Hatchet it cannot cut down wood.
The machete uses a primary weapon slot, and unlike the hatchet cannot be added to a players tool slot
DayZ Info
The Machete is a fairly uncommon loot drop, Spawning only in farms and deerstands, It is expected to become more common in upcoming patches.
Like the hatchet the machete can kill zombies in one hit, as well as cripple players.
It is unknown whether the machete does more damage then the hatchet.