The objective of Lock 'n' Chase to traverse the maze and collect as many coins as possible. The main character is a thief who must steal as many treasures as possible from the vault (the maze) without being caught by the Super D (the policemen), named Stiffy, Scaredy, Smarty and Silly. The thief can open and close doorways to trap and slow down the Super D but only two doorways may be closed at a time. Each coin is worth 20 points while money bags, which appear randomly in the center of the maze, are worth anywhere from 500 to 4000 points. Each level also has a specific treasure that will appear at the center of the maze that worth 200 to 500 points each. The treasures are different for every level and include a top hat, crown, briefcase and telephone.
Upon its release in the United States, two different versions of the arcade cabinet were released. The more common, Data East cabinet featured its DECO cassette system which allowed for the cassettes to be switched to different games at ease. On the other hand, the much rarer, Taito cabinet featured a dedicated motherboard and was produced in very limited quantities. Only about 1200 are said to have been produced and Lock 'n' Chase was the last Taito game to feature this old style cabinet. Mattel later ported the game to the Intellivision, Atari 2600 and Apple II, with the Atari 2600 version later being re-released by Telegames. A Game Boy port was also developed by Data East.