Training large language models faces frequent interruptions due to various faults, demanding robust fault-tolerance. Existing backup-free methods, such as redundant computation, dynamic parallelism, and data rerouting, each incur performance penalties, whether from ongoing overhead, lengthy reconfigurations, or post-recovery inefficiencies. We propose Chameleon, an adaptive fault-tolerant system that intelligently selects optimal recovery strategies when a failure occurs. Chameleon achieves this through a unified performance model, expedient execution plan search, accurate performance estimation, and efficient communication optimizations. Experiments on a 32-card cluster show that Chameleon maintains a performance gap of within 11.00% between post-recovery and failure-free training, while preserving model convergence and efficient memory usage. Compared to state-of-the-art methods, Chameleon achieves up to 1.229x and 1.355x higher average throughput than Oobleck and Recycle, respectively.