As it turns out, there isn't a well-defined solution. That's the paradox. The issue comes from "picking a random chord". There are different ways that you can pick a random chord which lead to different solutions. One approach to picking a random chord is to pick two random points on the circle and draw the chord between them. This gives you a probability of 1/3. Another approach is to pick a random direction and radius, then draw a chord at the end of the radius perpendicular to the radius. This approach gives you a probability of 1/2.
One interesting aspect is the second approach is the only approach where if you were to draw a circle within the larger circle, the distribution of the chords in the inner circle will match the distribution of chords in the outer circle.
[0] https://en.wikipedia.org/wiki/Bertrand_paradox_(probability)