机会 is the standard word to mean "opportunity." On the other hand, the 遇 in 机遇 means "meeting, encounter," so the specific meaning of 机遇 is "chance encounter."
In general, you can replace 机遇 with 机会 because a chance encounter is almost always an opportunity. However, you can't always replace 机会 with 机遇 if the "chance encounter aspect" of the sentence is not present.
For example, I would not say 我明年有机遇去美国留学。 That sounds a little funny, because the sentence is essentially saying that "I have the opportunity to study in the US next year." "I have the chance encounter to study in the US next year" just does not make sense without more context.