The Omega Pharma-QuickStep rider, who was runner-up at the Giro d'Italia last year, was the only rider to dip under 58 minutes on the 41.9km course from Barbaresco to Barolo, a time that was more than fast enough to dethrone Australian Cadel Evans, who was third.
"I am surprised I won a time trial. But, now I have no words. For me, and for the team this is a great day," said Uran after the stage, who joins a select few Colombians including Lucho Herrera, and Victor Hugo Peña to have donned a leader's jersey at a Grand Tour.
The Colombian is now 37 seconds clear of Evans on GC, with Rafal Majka (Tinkoff-Saxo), Domenico Pozzovivo (Ag2r) and Wilco Kelderman (Belkin) completing the top-five.
Uran started quickly, never slower than third over the first two provisional time checks, before finding another gear in the final third to eclipse Lampre-Merida's Diego Ulissi and post the fastest time of the day.
The race against the clock has never been one of Uran's most noted strengths, but he has improved considerably in the last two seasons, and was fourth at the Tour de Romandie, just ahead of the Giro.
This was no ordinary time trial either. The tough opening climb to Boscasso saw many specialists unravel, and the narrow, technical nature of the course, never allowed riders to find a regular tempo.
Compounding things was heavy rain that plagued much of the day's racing, and slowed times early in the stage, as the tarmac became perilously slippery. Fortunately, the heavens cleared in time for the big hitters to roll out, with Uran, Nairo Quintana (Movistar), Domenico Pozzovivo (Ag2r) and Cadel Evans (BMC) all enjoying relatively good conditions.
Pozzovivo rode a solid time trial to finish fourth, quickest in the opening 15km before fading, while Quintana, still recovering from a crash on Stage 6, will be happy enough with his result, just outside the top-10.
Evans, third, was expected to bolster his near one minute advantage heading into the time trial on all of his major rivals, a critical point for the Australian to build a bigger buffer against the pure climbers before the race's high mountains, starting Saturday.
While that was true of almost all of his rivals, Uran's supremacy, creates huge headaches for Evans, who must now find ways to claw back time on a rider on career-best form.
"My position is still good tactically," Evans said. "I think it is going to be interesting."
Tomorrow's stage from Fossano to Rivaro Canavese is one for the sprinters, a flat transitional stage as the mountain's proper loom over the weekend.
Stage 12: 41.9km, Barbaresco to Barolo
1 Rigoberto Uran (COL) Omega Pharma-QuickStep 0hr 57min 34sec
2 Diego Ulissi (ITA) Lampre-Merida 0:01:17
3 Cadel Evans (AUS) BMC 0:01:34
4 Rafal Majka (POL) Tinkoff-Saxo 0:01:39
5 Gianluca Brambilla (ITA) Omega Pharma-QuickStep 0:01:53
6 Wout Poels (NED) Omega Pharma-QuickStep 0:02:00
7 Wilco Kelderman (NED) Belkin 0:02:03
8 Thomas De Gendt (BEL) Omega Pharma-QuickStep 0:02:07
9 Domenico Pozzovivo (ITA) AG2R La Mondiale 0:02:09
10 Patrick Gretsch (GER) AG2R La Mondiale 0:02:12
1 Rigoberto Uran (COL) Omega Pharma-QuickStep 49hr 37min 35sec
2 Cadel Evans (AUS) BMC 0:00:37
3 Rafal Majka (POL) Tinkoff-Saxo 0:01:52
4 Domenico Pozzovivo (ITA) AG2R La Mondiale 0:02:32
5 Wilco Kelderman (NED) Belkin 0:02:50
6 Nairo Quintana (COL) Movistar 0:03:29
7 Fabio Aru (ITA) Astana 0:03:37
8 Wout Poels (NED) Omega Pharma-QuickStep 0:04:06
9 Steve Morabito (SUI) BMC 0:04:20
10 Robert Kiserlovski (CRO) Trek Factory Racing 0:04:41
SBS broadcasts every stage of the 2014 Giro d'Italia LIVE! There will be nightly highlights at 5:30pm on SBS ONE, and each stage will also be streamed live here at Cycling Central.
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