Wood moved to nine under after seven birdies and two bogies, ahead of France's Benjamin Herbert and Italy's Renato Paratore.
Overnight leader Jamie Donaldson of Wales shot a two-over 75 to fall three shots off the lead after 54 holes.
England's European Tour rookie Max Orrin is also three shots behind Wood.
World number 469 Orrin, 23, had a share of the lead after the opening round at the Barseback Golf and Country Club and carded a one-under-par 72 on Saturday to stay in touch.
Wood began the day four shots off the lead, but the 29-year-old from Bristol got off to the perfect start with a birdie on the first hole.
"I've played nice all year without getting any results so in my mind it's a matter of time before I start getting some decent results," he told Sky Sports.
"The wind in the pro-am on Wednesday afternoon threw me out a bit and I struggled Thursday.
"I battled round in one over and have been working hard late at night in the gym just trying to get a feel for the swing back and it's getting there."
If Wood wins a fourth European Tour title on Sunday, it would secure his place at the US Open which starts on 15 June.
Wood is currently ranked 68th, with the top 60 in the world rankings on June 12 qualifying for the second major of the year.
England's Chris Wood carded a five-under-par 68 to take a one-shot lead into the final round of the Nordea Masters in Malmo, Sweden.