Plain and simple: your engine computer sees that the crankshaft and the camshaft on bank 1 aren't spinning in sync the way they're supposed to. The crank sensor and the cam sensor each send a signal, the computer compares them, and when they stop lining up past a certain point, it stores P0016 and turns on the check engine light.
Plenty of these roll into my shop with nothing but the light on. Don't let that talk you into ignoring it.
First thing I do is pull the dipstick — level and condition, before anything else. You'd be surprised how many P0016s walk in a quart low with oil black as tar. Then I look at the freeze-frame data to see what the engine was doing when the code set, listen for chain rattle on a cold start, and pull the bank 1 VVT solenoid to check the screen. If all that's clean, I scope the cam and crank signals to see exactly how far out they are. I don't crack open a timing cover until the cheap stuff is ruled out.
Honest answer: be careful with this one. If the engine runs smooth — no rattle, no stalling — you can drive it short distances while you get it looked at, but don't sit on it for weeks. If it's rattling on startup, running rough, or stalling, park it. On an interference engine, if that chain jumps far enough, pistons meet valves, and a few-hundred-dollar repair turns into a new engine. Not worth the gamble.
Broad ballparks only — your engine and your area will move these numbers:
One warning: don't throw a timing chain at this code on a guess. Diagnose first — that's exactly why the list above is in that order.
Before you pay anybody for diagnosis, pull the code yourself. My app, Auto AI Diagnostics, reads codes for free with any cheap Bluetooth OBD2 adapter — a $30 ELM327 or vLinker works fine. AXEL, the AI in the app, doesn't just spit out "P0016." It looks at YOUR car's freeze-frame data — RPM, temperature, load at the moment the code set — and explains what's most likely going on with your specific vehicle, in plain English or Spanish, whichever you want. Walk into the shop knowing what you're dealing with — or find out it's a $25 solenoid you can swap in the driveway.