Former Rhode Island Gov. Lincoln Chafee will not seek the Democratic nomination for president, he said Friday.

The Republican-turned-Independent-turned-Democrat made the announcement at the Democratic National Committee's Women's Leadership Forum in Washington.

"I would like to take this opportunity one last time to advocate for a chance be given to peace," he said after announcing the news.

Chafee's decision to drop out of the race comes just two days after Vice President Joe Biden announced that he would not seek the Democratic nomination for president. 

Biden, who has been mourning the loss of his son, Beau, said that he believed he had run out of the time "necessary to mount a winning campaign for the nomination."

Jim Webb on Tuesday dropped out of the Democratic race and said he would consider an independent bid for president.

Hillary Clinton, Bernie Sanders, Martin O'Malley and Lawrence Lessig remain in the race.