The way I understand it 彼【かれ】 means 'that person over there' and あちら also means 'that person over there'
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彼 is strictly male and means "he" rather than "that person over there". Worth noting is that the he/she pronouns aren't as commonly used in Japanese as in English and 彼 can also mean "boyfriend". あちら is rather polite/stuffy for "that person (over there)" but it can also mean "over there" or "overseas".
The most common expression for "that person" is however あの人, though it might be a little bit too casual depending on the context. A very impolite form that's sure to offend, on the other hand, is あいつ (or あのやつ).
It depends on the situation but in this case 彼 is 'he', あちら is 'that person'. 彼 is just a little bit more friendly, あちら is formal.