They are upset over new regulations that raise the cost of leasing a cab. But their fares have not increased.
Drivers taking part in the strike will not accept fares between 6 and 11 a.m. on Monday.
Organizers hope half the city's cabbies will take part. They plan to continue the strike on following Mondays.
"Drivers work 8 hours for free every day to come up with the lease and the gas, and then after eight hours of slaving on the streets of Chicago they start making money for their family," said Fayez Khozindar, who represents the United Taxi Drivers Community Council. "This must be put to an end."
The drivers complain their rates remain at 2005 levels.