Cabrera stands at 10-under-par 206 where he was joined by second-round leader Peter Hedblom. Hedblom struggled to a 1-over 73 in blustery conditions.
David Howell used back-to-back eagles to close his round to match the 66 posted by Cabrera and move into a share of third place at 8-under-par 208. Irishman Paul McGinley shot an even-par 72 to remain at minus-8.
Ulsterman Darren Clarke, who shared 11th place at minus-4 after two rounds withdrew prior to the start of the third round. He left the event to be with his wife, who is battling cancer. Clarke's wife had been admitted to the hospital earlier in the week and was scheduled to undergo a 'procedure sometime today,' according to a statement released by tournament officials.
The Argentine Cabrera played his first nine holes at 1 under with a birdie on the par-3 fifth. He faltered to a bogey on the par-3 10th, however, to drop back to minus-4.
The two-time winner on the European Tour caught fire from there. Cabrera rolled in a birdie try on the 11th. He came right back with an eagle at the par-5 12th on the West Course at the Wentworth Club to jump to 7 under.
Cabrera converted a 6-foot birdie try on the par-3 14th to join the leaders at minus-8. He took the outright lead when he birdied the par-5 17th. Cabrera moved to minus-10 when he sank a 20-foot birdie putt at the par-5 closing hole.
'I played the back nine spectacularly,' said Cabrera. 'I was hitting the ball pretty solidly and also putting well. To play well in these conditions is always good.'
Hedblom struggled through the front nine. He opened with a bogey on the first, but maintained his three-shot lead as McGinley also bogeyed the opening hole. Hedblom's advantage slipped to two as he bogeyed the par-4 third to drop to minus-nine.
The Swede later bogeyed the ninth to fall to minus-8. Howell and Cabrera, who were playing well ahead of Hedblom, joined him at 8 under. Cabrera moved ahead of Hedblom with his strong finish.
Hedblom, whose lone win came at the 1996 Moroccan Open, finally righted the ship on the back nine. He made several lengthy par putts as he parred the first six holes of his second nine.
The 35-year-old rolled in a 30-foot birdie putt on the 16th to get within one stroke of Cabrera at minus-9. Hedblom got up and down for birdie on the closing hole to join Cabrera atop the leaderboard.
'I knew it was going to be a tough day because of the wind and the front nine is particularly tough in that wind,' said Hedblom. 'I was just trying to be patient and have some fun out there and I'm pleased with how I finished.'
Sweden's Marten Olander used a 2-under 70 Saturday to move into a tie for fifth place at 6-under-par 210. He was joined there by Michael Campbell, who tied for second here in 1995, and Thongchai Jaidee.
Jose Maria Olazabal, the 1994 champion, shot 1-under 71 to move into ninth place at 4-under-par 212. He was joined there by Bradley Dredge, reigning U.S. Open champion Retief Goosen, as well as Irishmen Damien McGrane, Gary Murphy and Padraig Harrington.
Former British Open champion Ben Curtis struggled to a 4-over 76. He stands in a group at 1-under-par 215 that includes defending champion Scott Drummond and Ian Woosnam.
World No. 3 Ernie Els stumbled to a 3-over 75 in the third round. He is in a tie for 37th place at plus-1.