The draw was conducted at the Moses Mabhida Stadium where Chiefs had edged out SuperSport United 1-0 in a tightly contested quarter-final encounter.
Chiefs will be seeking redemption when they host Pirates, who defeated AmaZulu 3-1 away in extra-time in a quarter-final clash on Saturday.
Amakhosi succumbed to a 2-1 defeat to their Soweto rivals in a massive Premier Soccer League (PSL) last weekend.
The last time the two local giants clashed in the Telkom Knockout semi-finals was in November 2015.
Chiefs beat Pirates 6-5 on penalties following a 0-0 draw, but they went on to lose to Mamelodi Sundowns in the final.
The other semi-final tie will see Baroka hosting the defending champions Bidvest Wits.
Bakgaga secured their place in the semi-finals after stunning Sundowns 2-0 at home in an entertaining quarter-final encounter on Saturday.
On the other hand, Wits had to overcome Maritzburg United 1-0 away in their quarter-final clash in order to keep their hopes of defending their title alive.
The Clever Boys eliminated Bakgaga in the quarter-finals on their way to the final last year.
Telkom Knockout Cup semi-final draw
Baroka vs. Bidvest Wits