Meaning: "chance, luck, fortune".
In Greek mythology, Tyche is the goddess of fortune, chance, providence and fate; she also governed the prosperity, fortune and destiny of a city. Fortuna is her Roman counterpart.
It's pronounced ty-kee.
As I was looking up the name Tycho in the previous post, I kept seeing it and Tyche as coming from the same root but I honestly couldn't find any concrete evidence that they were so I treated them as separate names.