Larrazabal turned in a 4-under-par 66 in the second round to get to 9-under 131 after 36 holes. Jimenez, who held the outright lead after the first round, shot a bogey-free 3-under 67 Friday in moving to 9-under.
Dyson opened the event Thursday with a double bogey but hasn't had worse than par since. He had a string of three consecutive birdies Friday and finished with seven birdies on the day.
Jimenez had one birdie -- at the 14th -- in his first nine holes Friday and dropped in birdies at 3 and 4 before finishing with five consecutive pars.
Larrazabal jumped up the leader board with four birdies over the span of Nos. 3-8. He had a bogey at the eighth but moved ahead of Jimenez with birdies at 10 and 12. A bogey at the 473-yard, par 4 16th dropped him back into the tie with Jimenez.
Swim Week Miami Beach 2014 [PHOTOS]