Hideki Matsuyama was the one who made the biggest moves, shot 65 superb and climbed to the top of the standings at 11 under, four shots away from Justin Rose, Xander Schauffele, Will Zalatoris and Marc Leishman.
In a bogey-free round that included five birds and an eagle, Matsuyama went between 15 and 17 to lead.
In order to become the first Japanese to win a major, Matsuyama was composed in all phases of his game. But his ironing skills gave him an advantage while carefully dissecting the course.
“I played well today,” he told reporters. “My game plan has been made and hopefully tomorrow I will be able to continue in good shape.”
After the interval due to bad weather, the green proved to be much slower and allowed the players to make holes more consistently.
Matsuyama, whose best score at the Masters came in 2015 when he placed fifth, took advantage and evolved with remarkable consistency.
The world number 25 barely had lost photos and stabbed a vital eagle in the 15th hole to take the lead in front of Rose, a two-time Augusta finalist.
Rose from England, who drove all weekend before being overtaken by Matsuyama, looked steady and confident, while other players made efforts to join him in the top.
He opened with two birds on Saturday, but his positive start was soon canceled by the bogeys on the fourth and fifth.
A bird on 12 and a bogey on 16 saw him end the day when he started on 7 under, although this time he had a lot of company around him in the standings.
Debutant Masters Zalatoris continued to impress, despite his lack of experience playing at Augusta National, and the 24-year-old American hit four birds to keep hopes of an unlikely victory.
Also in the hunt are Australian Leishman, who carded 70 on the third day, and American Shauffele, who closed with a 68 after an eagle on 15.
2015 Masters Champion Jordan Spieth, who came out behind his first PGA Tour victory since 2017 last week, once again showed pieces of return to the best, hitting a few outrageous chips and glorious powers to get into contention.
After a double bogey on the seventh, the triple major winner hit a big face on the eighth hole in the trees to land close to the pin and went into the 10th to bring him back into contention.