Motivated by recent work on Hom-Lie algebras and the HomYang-Baxter equation, we introduce a twisted generalization of the classical Yang-Baxter equation (CYBE), called the classical Hom-Yang-Baxter equation (CHYBE). We show how an arbitrary solution of the CYBE induces multiple infinite families of solutions of the CHYBE. We also introduce the closely related structure of Hom-Lie bialgebras, which generalize Drinfel’d’s Lie bialgebras. In particular, we study the questions of duality and cobracket perturbation and the sub-classes of coboundary and quasi-triangular Hom-Lie bialgebras.