Defending champion, Lee notched up a 21-17 19-21 21-14 win over China's seventh seed Du Pengyu in an hour and 12 minutes match at the Siri Fort Sports Complex.
Earlier, world number two Chen staved off determined fightback from fourth seed Jan O Jorgensen to prevail 21-15 21-23 21-19 in an edge-of-the-seat thriller that lasted for an hour and 19 minutes.
In other finals, third seeds Joachim Fischer Nielsen and Christinna Pedersen of Denmark will meet fourth seeds Sung Hyun Ko and Ha Na Kim of Korea in mixed doubles, while second seeds Mathias Boe and Carsten Mogensen of Denmark will face third seeded Chinese combo of Xiaolong Liu and Zihan Qiu.
The Chinese pair of Yuanting Tang and Yang (F) Yu will meet Korean combo of Kyung Eun Jung and Ha Na Kim in women's doubles summit clash.
After two-time Olympic champion Lin Dan, it is Chen Long who has proved to be a formidable rival for Lee, who lost to his younger opponent four times in the last five meetings.
It was at the All England championship last month where the duo had met and Lee had the last laugh, avenging his 2013 final loss to Chen for his third title in Birmingham. They also met at Korea Open finals this season.
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