Van Pelt, whose four professional wins include last year's CIMB Classic and last week's European Tour stop in Australia, had 11 birdies en route to a record-tying 62 at the MINES Resort and Golf Club in Kuala Lumpur. That pulled him to 16-under 197 for the tournament, tied with Robert Garrigus for first with one round to play.
Garrigus, the second-round leader, opened Saturday's round with two bogeys and ended up with six birdies and four bogeys on the day for a 69.
Chris Kirk came with a bogey-free 8-under 63 and is alone in third at 15-under with Brendon de Jonge (66 Saturday) and Jbe Kruger (69) tied for fourth at 14-under 199.
Tigers Wood had six birdies in his first eight holes that had him briefly in the lead but he was 3-over on the back nine and settled in a tie for 10th, five strokes off the pace.
Van Pelt was 4-under through six holes before running off five consecutive birdies. He added birdies at 16 and 17 and needed a birdie at the par-4, 447-yard 18th for a record-tying round of 59.
But his second shot ended up in a green-side bunker and his third was in the rough. His chip from there stopped 8 feet from the cup and he two-putted for a 6.