Cabrera was at 9-under 133 at the Loch Lomond Golf Club in Glasgow.
Damien McGrane (66) held second place at 134 and five players were at 135 -- Simon Kahl (66), Paul Lawrie (67), Thomas Bjorn (68), Richard Green (68) and Thongchai Jaidee (71), who was a co-leader after the first round.
World No. 2 Phil Mickelson carded a 67 to stand at 4-under, tied for 27th place.
Cabrera, the 2007 U.S. Open winner from Argentina, led by as much as three strokes but bogeyed two of the last four holes.
"The end was a bit of a shame, but it was a good round and I feel I'm in a good position going ahead to tomorrow," Cabrera said. "I'm very comfortable with the greens."