Van Pelt is at 19-under-par 197 along with Todd Barranger, who birdied the final hole to shoot 67.
Heath Slocum is in third place at 17-under following a 66.
Van Pelt is in his second straight season on the developmental tour. Last year, he finished a disappointing 62nd in earnings.
He spent the 1999 season on the PGA Tour, where he missed 21 of 28 cuts.
Van Pelt started the third round four shots off the lead, held by Barranger and Rod Pampling. Pampling is now in fourth place at 16-under after a round of 2-under-par 70.
Pampling is best known for leading the first round of the 1999 British Open and then missing the cut thanks to a second-round 86.
Full-field scores from the Buy.Com Dayton Open