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Last Chance is situated at the intersection of U.S. Highway 36 and State Highway 71 in a sparsely populated area of eastern Colorado.
North St. Vrain Creek rises northeast of St. Vrain Mountain near Allenspark and descends in a canyon to the east along U.S. Highway 36.
Near the community of Raymond it intersects State Highway 72, which takes the Peak-to-Peak Scenic Byway designation with it to the south, while Route 7 turns to the east and follows South St. Vrain Creek downstream onto the piedmont at Lyons, where it intersects U.S. Highway 36.