It's a drop in the pH of the CSF that provokes it, if you want to get technical, but that's a secondary response to the raise in the CO2 in the blood for two reasons:
1. Acidosis is most commonly caused by one of two things: excessive CO2 (respiratory acidosis (i.e. hypoventilation/respiratory failure) or insufficient HCO3- (metabolic acidosis). In this cases, let's forget the metabolic variant because it will just confuse things even further.
2. because the blood-brain barrier is permeable to CO2, but not HCO3- or H+ ions. When the PaCO2 of the blood rises, CO2 rapidly crosses the blood-brain barrier (because of the concentration gradient). Once in the CSF, CO2 reacts with water to form HCO3 and H+ (via the breakdown of H2CO3 (carbonic acid):
CO2 + H2O <-----> H2CO3 <-----> H+ + HCO3-
The hydrogen ions generated in this way stimulate the chemoreceptors, not the CO2, but the rise in CO2 levels due to decreased ventilation is the indirect cause.
Does this clarify things?