As a Noun:
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a possibility of something happening - you may by chance go geocaching today if it does not rain.
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the occurrence and development of events in the absence of any obvious design - I just opened my phone and by chance, there happened to a cache under the LPC we parked next to!
As a Verb:
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do something by accident or without design. The geocacher you chanced to meet on the trail.
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do (something) despite its being dangerous or of uncertain outcome. Like the chance you took with the 5/5 Geocache you did on your own with nobody around for miles.
As a Person or Thing:
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Chance the Rapper
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Chance the television series created by Kem Nunn and Alexandra Cunningham.
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Chance the big green thing from outer space.
In this particular case, "CHANCE" is a large inanimate object, sitting just off the sidewalk. It might not be from space, but if you get the chance to stop by and visit, you might by chance notice a name tag. Once you find Chance, take note of the serial number (Ser No) - it's a seven digit number.
To get your chance to find this geocache, add 408 to the first three digits of the serial number and use that value for the last three digits in the North coordinates. Add 326 to the last three digits of the serial number and use that new value for the last three digits in the West coordinates.