The power to prorogue the Lok Sabha, which means to end the session of the Parliament, lies with the President of India. Prorogation is the formal procedure of bringing a session of Parliament to an end.

Option 1, the Speaker of Lok Sabha, does not have the power to prorogue the Lok Sabha. The Speaker`s role is to preside over the proceedings of the Lok Sabha and maintain order.

Option 2, the Chairman of Rajya Sabha, also does not have the power to prorogue the Lok Sabha. The Chairman`s role is to preside over the proceedings of the Rajya Sabha.

Option 4, the Chief Justice of India, does not have the power to prorogue the Lok Sabha. The Chief Justice`s role is to head the judiciary and is not involved in the functioning of the legislative branch.

Therefore, the correct answer is option 3, the President of India.