Take the risk or hazard of, as in I don't know if there's a later bus but let's chance it. The verb to chance alone was so used for a time, as in Let's just chance the rain—I'm not buying a new umbrella! [Late 1800s] Also see take a chance.
The American Heritage® Idioms Dictionary Copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.