Lahiri, who was unable to get the momentum going on first two days, when he carded 69 and 72 finally got going with eight birdies and no bogeys to improve by 56 places and raise hopes of a second Top-10 finish this season.
While Lahiri shot 64, Canadian Adam Hadwin shot 13-under 59 to go into the lead.
It was the ninth sub-60 score in PGA Tour history.
Lahiri recalled, "I really enjoy playing the La Quinta course. I shot an identical opening round last year."
On his first two days he said, "I didn't read the greens very well especially on PGA West. Hopefully, tomorrow will be a different story."
Lahiri has had two fine finishes this 2016-17 season on the PGA where he was Tied-third in CIMB Classic and T-13 at RSM Classic.
Hadwin is one shot ahead of Tour rookie Dominic Bozzelli.
Chad Campbell, the 2006 CareerBuilder champion, is two shots back, as are Bud Cauley and former Georgia teammates Hudson Swafford and Brian Harman.
Hadwin made six consecutive birdies from second to seventh, including a hole-out from off the fourth green.
He made the turn in 7-under 29 after birdieing the ninth hole, then made five consecutive birdies from 11th to 15th.
A birdie at 17th meant he only needed a par at the final hole for a 59.
Hadwin was at 17-under 199 after starting the day tied for 49th at 4 under, a stroke below the eventual cut.
Phil Mickelson closed with a watery double bogey for a 73 on the Stadium Course, leaving him eight strokes back in his return from two sports hernia surgeries.
Even his caddie Jim 'Bones' Mackay also is making a comeback after having both knees replaced.
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