England's Laura Davies, seeking her third victory in the event, and Australia's Michelle Ellis were tied for second, and Australian star Karrie Webb, a four-time Masters winner, topped a group at 68.
Meunier Lebouc won the State Farm Classic in September in Illinois for her first LPGA Tour victory.
'Winning was big, and playing every week has made a difference,' said Meunier Lebouc, seeking her sixth European Tour victory. 'I'm working much harder than I ever have before.
'And I turned 30 last November. I'm feeling with all my experience, I'm starting to play the real game I can play.'
Webb lost in a playoff last year with Annika Sorenstam after winning four straight years on Royal Pines' East Course.
'It was a pretty solid start,' said Webb, 140 under in 37 tournament rounds at Royal Pines. 'I didn't make any big errors. I'll feel more confident tomorrow with one round under my belt.'
Scotland's Janice Moodie and Australians Rebecca Stevenson and Alison Munt matched Webb at 68.
Americans Laura Diaz and Natalie Gulbis and young Mexican sensation Lorena Ochoa were three strokes back at 69 along with European Solheim Cup players Suzann Pettersen and Paula Marti.