The 43-year-old got off to his common slow start Saturday, carding four straight pars before stumbling to his lone bogey on the difficult par-4 fifth.
However, Tiger bounced back with three straight birdies, starting with an 18-foot slider on No. 6.
He was locked in from then on. After crushing his drive down the middle on No. 7, Tiger stuck his approach from 147 yards to a foot for a kick-in birdie.
He added two more birdies to his card, both coming on par 5s, before generating a roar only Tiger can create with a gorgeous tee shot on No. 16.
He drained the birdie putt and, at the time, walked his way to the top of the leaderboard.
This is the fifth occasion Tiger has sat at 11-under or better after 54 holes at the Masters. The previous four times, he went on to win the green jacket.