Izagirre covered the 16.8km Davos course in 21 minutes and 31 seconds, conquering Lopez by 18 seconds, with Cancellara just one second behind in third.
The Swiss time trial master sat in the hot seat holding the stage lead until Izagirre's run over the line. Watch his reaction:
Izagirre suffered issues with his chain but still managed to come home with the win.
"It was a really difficult day, with a demanding route. We had some problems with our chain, but fortunately, it wasn't too serious and didn't compromise the final result.
"I gave everything I had and that win makes me tremendously happy, even more so considering how well things are going for me so far this season," Izagirre said.
Lopez' race against the clock was strong enough to take the leader's jersey from Barguil's shoulders.
"I wanted to do well for me and the whole team who helped me a lot," Lopez said.
With just 18 seconds separating the first four on GC, 22-year-old Lopez said to expect fireworks on the final stage.
"Tomorrow? It will be a war. But I'm ready!" Lopez said.
Izagirre expressed similar sentiments.
"For the time being, we're on the GC podium, yet the gap against Barguil in fourth place is really short, plus López and Talansky are still within reach.
"Sunday will be short, yet surely super intense and tough. It will be huge war, and we hope to come out of it victorious."
Farewell Spartacus
It was Cancellara's last race day ever in a Tour de Suisse. Despite one stage still to race he is leaving to focus on next weekend's Swiss National Road Championships.
