"The #CSKvsLIO match at Bengaluru has been called off due to heavy, persistent rain," CLT20 announced on Twitter.
The umpires waited for an hour before calling off the game around 2100 IST with the rain continuing to lash the stadium.
Chennai stay second in Group A with six points from three games. They lost their first match to Kolkata Knight Riders before defeating the Dolphins in their next match.
Lions are fourth with two points from two games. They were also beaten by Kolkata in their first match.
Barbados Tridents will take on Cape Cobras at 1600 IST, while Kings XI Punjab will clash against Northern Knights at 2000 IST in Chandigarh on Friday.
Image: The M Chinnaswamy stadium in Bangalore under covers because of rain.
Photograph: BCCI
Champions League T20 2014: Points Table
BCCI's meet set to throw lifeline to Srinivasan
Choose your Dream Indian Team