Cabrera, the 2009 Masters champion, will seek his third overall PGA Tour title while Snedeker, who won at Pebble Beach this year, is looking for his eighth tour win.
The pair finished at 7-under-par 209, one shot clear of Australia's Adam Scott, who also recorded a 69 Saturday at Augusta National.
Second-rounder leader Jason Day ran into trouble down the stretch, bogeying the last two holes to end with an 1-over 73, finishing in a three-way tie for third at minus-5.
Joining him there was fellow Aussie Marc Leishman, who carded an even-par 72.
With three Australians in the top five, the nation is hoping for one of its own to win the Masters for the first time.
Holding sole possession of sixth place one shot further back was Matt Kuchar (69).
Had he not been penalized, Woods would have joined Day and Leishman in fifth.
Fourteen-year-old Guan Tianlang, the youngest player ever at the Masters, struggled to a 5-over 77 Saturday, finishing in 59th place at 9-over 225.
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