The song was written by Shawn Mendes, Fiona Bevan, Casey Smith, Geoff Warburton, Scott Harris, and producers Ryan Tedder and Zach Skelton.

McLean directed an accompanying music video and René Elizondo Jr. and depicted two dancers performing inside Union Station.

[2] It was written by Shawn Mendes, Fiona Bevan, Casey Smith, Geoff Warburton, Scott Harris, and producers Tedder, and Zach Skelton.

[6] In an interview with Billboard in 2018, McLean explained that "Chances" is similar to their previous 2018 single, "Don't Go Breaking My Heart", but acknowledged that it also felt distinct.

[2] However, Backstreet Boys member Brian Littrell stated that "both songs are completely different" in a 2019 interview with Entertainment Weekly.

[6] Neil Z. Yeung of AllMusic praised "Chances" and "Don't Go Breaking My Heart", stating that both songs are "some of Backstreet's finest, familiar in their delivery yet with a finger on the mainstream pulse of 2019".

[2][4] It was filmed inside Union Station in Los Angeles during public hours,[20] and was the first music video where all five members wore suits.

The dancers featured in the video are Madison Vomastek and Jake Tribus, both students from the Glorya Kaufman School of Dance at the University of Southern California.