For most intents and purposes, this is synonymous with “random,” though it’s a rabbit hole of a word – you can go very deep on what it means to various disciplines and in various combinations. The meaning can be very subtle or technical depending on what discipline or practice it’s applied.
Most commonly, you hear it in the context of a “stochastic process,” which is to say some sequence of events that involves a random variable, making the outcome of the process itself random.
You would rarely hear of the word used to describe a single thing – like, “a stochastic variable.” More often, it’s mean to describe a series of interrelated things, the outcome of which can’t be predicted. A random variable will produce a stochastic process.
The “ch” is hard – “STOW-kass-tick.”