We study the vacuum stability of a model of massless scalar and fermionic fields minimally coupled to a Chern-Simons field. The classical Lagrangian only involves dimensionless parameters, and the model can be thought as a (2+1) dimensional analog of the Coleman-Weinberg model. By calculating the effective potential, we show that dynamical symmetry breakdown occurs in the two-loop approximation. The vacuum becomes asymmetric and mass generation, for the boson and fermion fields takes place. Renormalization group arguments are used to clarify some aspects of the solution.