you can use a combination of INSTR and SUBSTR to remove the third field:
SQL> WITH a AS (SELECT 'Item a,Item b,Item c,Item d' col FROM dual)
2 SELECT substr(col, 1, instr(col, ',', 1, 2))
3 || substr(col, instr(col, ',', 1, 3) + 1) sub
4 FROM a;
SUB
--------------------
Item a,Item b,Item d
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