Cabrera-Bello, who had a two-stroke lead after the second round, finished the third round at 1-over-par 73 and Steve Webster turned in a 2-under 70, leaving them tied for first at 12-under 204 after 54 holes.
Adrien Saddier, with six birdies in the first seven holes, fired an 8-under 64 and jumped from a tie for 45th into a tie for third place with Thomas Aiken (70) and Thorbjorn Olesen (68) at 11-under.
Five other players are tied at 10-under. That group includes first-round leader George Coetzee, who also shot 73 Friday. Four players are tied at 9-under, leaving 14 players within three strokes of the lead with one round to play.
Cabrera-Bello had just one bogey in the first 41 holes he played in the tournament but had a 5 at the par-4 sixth hole -- for a second consecutive round -- and slipped to even. He then had a birdie at the 10th hole but dropped strokes at the 13th and 15th.
Webster was 2-over after bogeys at Nos. 4 and 5 in the third round but was 4-under the rest of the way. Back-to-back birdies at 14 and 15 moved him into a tie for the lead.
Swim Week Miami Beach 2014 [PHOTOS]