The 35-year-old American, who had been in a five-way tie for the lead overnight, took advantage of relatively benign conditions as he piled up five birdies in a bogey-free round for a 12-under total of 128.
Kevin Kisner was alone at 11-under after carding a 66.
Reigning British Open champion Zach Johnson was a stroke further back, also after a 66, along with former world number one Luke Donald (65), Zac Blair (65) and Chez Reavie (63).
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Snedeker, in pursuit of his eighth victory on the PGA Tour, was delighted to be at the top of the leaderboard after tying for third at last week's Hyundai Tournament of Champions following missed cuts in his two previous starts.
"This is why we spend so much time away from our families as well as so much time on the golf course, to be in contention and have a chance to win at the weekend," Snedeker told Golf Channel.
Having ballooned to an aggregate 19 over par in his last six rounds of 2015, Snedeker has covered his first six this year in a staggering 33-under after hard work with swing coach Butch Harmon in Las Vegas.
"Now I feel more comfortable with how I'm supposed to swing," said Snedeker. "Hopefully I can keep building on it."
Reigning champion Jimmy Walker, bidding for an unprecedented third victory in a row at Waialae, was a distant nine shots off the pace after carding a 68.
Former world number one and 2005 champion Vijay Singh, among the five players tied for the lead overnight, was a late starter on Friday and fell four behind Snedeker after a one-under 69.
(Reporting by Mark Lamport-Stokes in Los Angeles; Editing by Larry Fine/Peter Rutherford)
