Todd, who starred at the nearby University of Georgia, managed a 2-under 70 in round three. He matched Owen at 10-under 206 after 54 holes at Jennings Mill Country Club.
New Zealand PGA Championship winner Darron Stiles (67) and Bubba Dickerson (69) are knotted in third place at minus-8.
Jarrod Lyle, the leading money winner on the Nationwide Tour, shot a 4-under 68 on Saturday and is tied for fifth place with Geoffrey Sisk (69), Joe Daley (70) and Michael Putnam (72). The quartet came in at 7-under-par 209.
Owen flew out of the gate on Saturday with a birdie at the first and an eagle at the par-5 second. It briefly gave him the lead, but bogeys at four and six dropped him down the leaderboard.
Back-to-back birdies at seven and eight atoned for the errors at four and six. He parred his next five holes, then birdied the par-5 14th to move to 11 under par.
Owen did not stay at that number long. He bogeyed the 15th to drop down to 10- under and out of the lead, but a late bogey by Todd tied Owen for the 54-hole lead.
Owen has yet to win on the Nationwide Tour, but did capture the 2003 British Masters on the European Tour. His biggest claim to fame in the United States was at the 2006 Bay Hill Invitational. Owen three-putted from inside four feet on the 71st hole and eventually lost by a stroke to Rod Pampling.
Todd matched Owen's eagle at two, then birdied the par-three third. He bogeyed No. 4, but got the dropped shot back with a birdie at the par-four fifth.
He bogeyed the next par 3, the eighth, but got back to 11 under thanks to a birdie at the 11th. Todd held sole possession of the lead after Owen's late bogey, but a bogey of his own at the par-3 17th dropped him into a tie for first.
Todd is a tour rookie making his first start this season. He got into the field this week on a sponsor's invitation.
Tom Johnson (68) and Henrik Bjornstad (70) share ninth place at 6-under 210.