Romero carded the low round of the day Saturday, as he fired a bogey-free, 9-under 63 to grab a two-stroke lead after three rounds of the Deutsche Bank Players Championship.
The young Argentine completed 54 holes at 17-under-par 199. His 63 matched the course record which Lee Westwood set last year.
Zane Scotland and Lee Slattery shared the lead entering the third round. Scotland had only six pars in a round of 6-under 66. That left him alone in second at minus-14, while Slattery was one stroke back after a 67.
Alexander Noren moved into a fourth place at 13-under-par 203 after a round of 65. Defending champion Robert Karlsson posted a 66 to move into a tie for fifth at 10-under-par 206. He was joined there by Oliver Wilson, Paul Casey and Brett Wetterich.
Scotland got off to a flying start with four birdies and an eagle over the first five holes. That moved him to 15 under, three clear of Romero.
Meanwhile, Romero had a solid start of his own as he ran home a 30-foot eagle putt on the third and came right back to birdie No. 4. He picked up another stroke with a birdie on the sixth to move to 12 under.
After Scotland bogeyed six and seven, Romero's 16-foot birdie putt on the eighth created a tie for the lead at 13 under.
Scotland bounced back to birdie the eighth to regain the lead. He gave that stroke back with a bogey on the 11th, when he could not get up and down for par.
Romero took advantage of Scotland's bogey as he chipped in for birdie on the 12th to grab a one-stroke lead at 14 under. Scotland joined him there with a long birdie putt at the 13th.
The 26-year-old Romero knocked his second shot to the par-5 15th to 8 feet. He converted the eagle putt to jump to 16 under, two clear of Scotland.
Scotland dropped a shot on 14, then chipped in for eagle on 15 to get to 15 under.
Romero wasn't done though. He pitched his third at the par-5 17th to 5 feet and knocked that putt in for birdie. Romero then parred the last.
'I played very well. I didn't make a bogey and shot a 63, which makes me very happy,' said Romero through an interpreter. 'I hope Sunday's round will be as good as this one.
Romero finished fourth here last year and he hopes to carry that confidence over into the final round.
'I feel very confident on the course and I am playing well,' said Romero. 'I finished well here last year. I am going into the final round as the leader and that is good.'
Scotland could only par the final three holes to end two back.
Slattery flew out of the gate with three straight birdies that moved him to 12 under.
He parred his next seven holes, but he was still able to move within one of the lead thanks to a birdie on 11. Slattery briefly held a share of the lead as he birdied the 13th, but he parred his final five holes to end three back.
Tino Schuster and Ariel Canete both shot 6-under 66 Saturday to move into share of ninth place at 9-under-par 207. They were joined there by Charley Hoffman, Benn Barham, Peter Hanson and John Bickerton.