Roe and co-first round leader Colsaerts stands at 10-under-par 134 for a two- shot lead at Kungsangen Golf Club. Colsaerts shot his second consecutive 67.
One shot from breaking the course record with his 65, Roe nonetheless shattered something entirely different when his 7-iron broke into three pieces at the 18th hole.
From directly behind a tree, Roe sacrificed his club for a spectacular approach shot that landed just 6 feet from the hole, setting up the closing birdie that tied him with Colsaerts.
'If I'd played the shot I wanted I could have broken an arm or a wrist, so I decided on the route that would definitely snap the club,' said Roe. 'But you don't often see clubs broken in three places and a piece could still have snapped off and hit me. Luck favors the brave.'
Roe, 43, owns three European Tour victories, but none since the 1994 Open de France. He currently ranks 144th on this year's Order of Merit.
'I always intended to play golf until I was 40ish and never intended to play this long,' said Roe. 'And with my children arriving, I just miss my kids incredibly when I am away.
'I have had a fantastic time playing golf and will always want to be around the game in some shape or form, but not 25 weeks a year, not anymore.'
The 23-year-old Colsaerts, on the other hand, is just getting started. Looking for his first European Tour win, he mixed seven birdies with two bogeys on Friday.
'The two bogeys came as we were a bit out of position and while I didn't feel I rushed any shots, I wasted two shots,' he said. 'We were on the clock and on the 14th I was standing over a putt and a fly landed on my finger. I thought just go for it and three-putted.'
Two dropped shots also ruined Fredrik Jacobson's round, as the Swede bogeyed his final two holes to fall off the lead and into a tie for third place with Marc Warren (69) at 8-under 136.
'It was a fantastic day and I played great,' said Jacobson. 'I hit the first 14 greens and with a bit more luck I could have had a few more birdies. But I missed the last four greens and it was disappointing to finish with two bogeys.'
Richard Sterne and Tom Whitehouse share fifth place at minus-6 following rounds of 68 and 70, respectively.
The cut line fell at 1-over with 81 players moving on to the weekend. Among those who missed the cut was defending champion Mark Hensby, the first Australian to win this event, who ended at plus-4.
Swede Johan Edfors, the only three-time winner on tour this season, also missed the cut.