Devin, straight from Charter Arms - "Charter .38's are among the smallest revolvers in this caliber. Yes they can handle +P but we do not recommend it for the following reasons:
+P ammo requires a four-inch minimum barrel to burn the extra powder. Therefore, in a two-inch barrel the extra powder is burned after the bullet leaves the barrel creating more recoil and making it harder to come back to target.
We recommend a standard velocity load and practice with round nose lead rounds which are the least expensive. When you load for protection, use a jacketed or hollow point in the same grain you practice with."
Have a great day!

James G. & Edward C. Below Said it best!!

If it is not on the barrel as +P then i would contact manufacture to verify

Devin, yes it is +P rated. Caveat is in this short a barrel you will not see a big improvement in velocity. +P loads need at least 4 inches of barrel to burn all the powder. You will not get the stated box velocity difference between standard and +P ammunition. You are only going to get higher recoil and muzzle blast and degraded time in follow up shot speed. In short, in this short a barrel, standard pressure ammunition will give you better control, accuracy and accurate shot repeatability. Cheers and stay safe!

Devin, yes, the charter arms undercover lite can handle 38sp +p. With the short barrel you won't get much of an increase in velocity and pressure vs standard ammo though, but it's perfectly safe to fire +p ammo in it. Hope this helps.