We introduce the multiscale entanglement renormalization ansatz, a class of quantum many-body states on a D-dimensional lattice that can be efficiently simulated with a classical computer, in that the expectation value of local observables can be computed exactly and efficiently. The multiscale entanglement renormalization ansatz is equivalent to a quantum circuit of logarithmic depth that has a very characteristic causal structure. It is also the ansatz underlying entanglement renormalization, a novel coarse-graining scheme for many-body quantum systems on a lattice.