Defending champion Ernie Els shot a 66 to join Eduardo Romero, Graeme McDowell and Craig Spence in a tie for fourth place at 11-under-par 202. Charl Schwartzel was three strokes further back at 8-under-par 205 along with Darren Fichardt.
Jimenez has already won four times in 2004, including last week at the BMW International Open, and the Spaniard has continued his hot streak at Crans- sur-Sierre, looking for another win on the advent of the 35th playing of the Ryder Cup.
'I am playing well and these are good tournaments,' said Jimenez. 'My family is here and I am having a great time. It sounds like a holiday. When you are on holiday and you make a good profit as well, it is nice.'
The 40-year-old birdied the first hole on Saturday but found trouble with a bogey at the par-4 fifth. Jimenez recovered with a birdie at the seventh and added another birdie at the ninth to reach 12 under around the turn.
Jimenez knocked his second shot inside 12 feet for a birdie at the 10th to get within one of Garcia, who had surpassed Jimenez on Friday to take the lead heading into the weekend.
Garcia bogeyed the 10th and struggled with another bogey at the par-3 11th after his tee shot found a greenside bunker to fall back into a three-way tie with Jimenez and Donald.
Donald then made a move despite a bogey at the 13th. The young Englishman reached the green in two at the par-5 14th and ran home a long eagle putt to take the outright lead at 14 under.
Jimenez parred his next four holes before pulling within one of Donald with a birdie at the 15th. At the difficult par-3 16th, Jimenez bounced his tee shot within 5 feet of the hole and converted the short birdie putt to grab a share of the lead.
Donald found trouble coming home with a bogey at the last to finish one shot off the pace after a round of 65.
'I am right where I need to be,' Donald said. 'I probably need to shoot another round as good as I did today. There are a lot of birdies out there.'
Garcia sent his second shot out of bounds at the par-5 14th and found himself in a bunker trying to save par. His fifth shot from the sand skimmed the cup and he was left with a tap-in bogey.
The 24-year-old recovered with a birdie at the very next hole and hit his approach to 2 feet for a birdie at the par-4 17th for his share of second.
Jimenez parred his two remaining holes to assume the roll of front-runner once again after his eighth straight sub-70 round.
'I am feeling strong,' said Jimenez.
Peter Fowler finished alone in 10th place at 7-under-par 206. K.J. Choi, Marc Farry and Robert Coles followed at 6-under-par 207.