Van Pelt opened his round with back-to-back bogeys but ended up with a 4-under-par 67 for a 54-hole total of 16-under 197.
Second-round co-leader Jeff Overton shot 2-under 69 Saturday and is one stroke behind Van Pelt. Mark Wilson (67 Saturday) and Fredrik Jacobson (71), who was tied with Overton after Friday, are tied for third at 13-under.
Three golfers are five back at 11-under and three more are at 10-under after three rounds.
Van Pelt was one stroke behind Jacobson and Overton opening the third round but quickly fell back further with the bogeys at Nos. 1 and 2.
However, by the sixth hole he was back to even on the day. He birdied the 12th hole and moved ahead with birdies from 15-17.
"I hit two par-5s in two, and I drove 15 ... The wind was just perfect for my little fade," Van Pelt said. "That takes a lot of pressure off when you have three tap-in birdies."
2014: The Year in Music [PHOTOS]