Chance Records was a Chicago-based label founded in 1950 by Art Sheridan. It specialized in blues, jazz, doo-wop, and gospel.

Among the acts who recorded for Chance were The Flamingos, The Moonglows, Homesick James, J. B. Hutto, Brother John Sellers, and Schoolboy Porter. In addition, Chance released three singles by John Lee Hooker and made a coordinated issue of the first singles by Jimmy Reed and The Spaniels with the brand-new and still tiny Vee-Jay Records.

The company closed down at the end of 1954. Sheridan became one of the financial backers of Vee-Jay.

Chance Records opened for business in September 1950. Initially the company was housed at Sheridan's American Record Distributors, 2011 South Michigan Avenue in Chicago. Among the first artists to record for the company were the Al Sims Trio, an uptown blues group, and a combo led by tenor saxophonist John "Schoolboy" Porter, who had developed a vigorous R&B style in the Cootie Williams band. Porter's rendition of "Tennessee Waltz," a much-covered hit in 1950, sold well enough that Sheridan's pressing plant, Armour Plastics, couldn't meet the demand and many copies were pressed by RCA Victor. Porter would be a steady contributor until he left Chicago in 1952.

In 1951, however, the company ran into big trouble with the American Federation of Musicians on account of employing non-Union personnel on one of Schoolboy Porter's sessions. The company actually lost its license to record with Union musicians for one year, although Sheridan was able to work in a few sessions by gospel groups, which in those days were almost entirely non-Union. He would remain persona non grata with Musicians Union Local 208 for many years.

While restricted from making new recordings, Sheridan astutely picked up items for release from many small labels: the debut session by jazz pianist John Young, Little Walter's very first session, a long out-of-print single by Sunnyland Slim, and three John Lee Hooker 78s, all released under the low-effort pseudonym John L. Booker.

Chance quickly recovered when the ban ended in May 1952, and Sheridan moved both the record company and his distribution operation to 1151 East 47th Street. Added to the roster were blues singer Brother John Sellers, jazz trumpeter King Kolax, down-home blues guitarist Homesick James, and flamboyant blues shouter Jo Jo Adams. In the fall, bassist Al Smith took over as leader of a house band that featured tenor saxophonist Red Holloway, guitarist Lefty Bates, and drummer Vernel Fournier; among the first singers they backed was Bobby Prince.

Chance hit its peak in 1953. A collaboration with Joe Brown's JOB Records brought a new release by Homesick James, including his signature number "Homesick" a release by Arthur "Big Boy" Spires, and further tracks by Sunnyland Slim and Johnny Shines that were not released till later. The company's blues roster grew further to include Lazy Bill Lucas and Willie Nix. Singer/guitarist Rudy Greene also recorded for Chance.