At lunch, West Indies, 1-0 down in the four-match series, were 379 for seven, needed a further 76 runs to reach what would be a new record Test fourth innings victory total of 455.
Chanderpaul was 104 not out, his 15th Test hundred and first in more than two years. Jerome Taylor, missed on one, was 10 not out.
England left-arm spinner Monty Panesar, who'd dropped Chanderpaul on 18 on Sunday, took two wickets on Monday and at lunch had figures of five for 126 in 49 overs.
West Indies resumed on 301 for five, needing 154 more runs in a minimum of 90 overs to reach their record-breaking target.
Chanderpaul was 81 not out and wicket-keeper Denesh Ramdin 26 not out.
Back in May 2003, Chanderpaul made 104 when West Indies scored a Test record fourth innings winning total of 418 for seven against Australia in Antigua.
Ramdin started confidently, cutting the first ball from Panesar for four. But the 15th ball of the morning, saw a Panesar delivery which turned and bounced take the shoulder of Ramdin's bat on its way to Paul Collingwood at slip, West Indies 311 for six.
The keeper, dropped by opposing gloveman Matthew Prior on four, was out for a battling 32 made in an-hour-and-a-half, having put on 62 with Chanderpaul.
Experienced left-hander Chanderpaul, who missed West Indies record innings and 283 run defeat in the second Test at Headingley with a knee injury, now needed someone to stay with him.
Debutant all-rounder Darren Sammy, whose seven for 66 with his medium-pacers had restricted England to a second innings total of 313 and so given his side a glimmer of hope, got off the mark with a square-cut four off fast bowler Stephen Harmison.
Sammy, on 20, pulled up and received on-field treatment for what appeared to be a right hamstring injury.
He continued and late cut Panesar past Collingwood at first slip for four.
But next ball Panesar got rid of Sammy on 25 when he held a two-handed return catch off the batsman's drive, the bowler claiming his fifth haul of five wickets or more in a Test match innings which include five for 72 against Pakistan at Old Trafford last year.
Panesar, 25, almost dismissed Chanderpaul, in his 103rd Test, when a delivery turned sharply and just cleared the batsman's off-stump as he played no shot.
And new batsman Taylor, on one, saw an outside edge off Panesar dropped by Collingwood.
Chanderpaul's single off Harmison saw him to a 233 ball century after more than six hours at the crease with 12 fours.
It was the 32-year-old's third Test hundred against England and first against anyone since making 127 against South Africa in Antigua in May 2005.