Billy Horschel (71), Venezuelan Jhonattan Vegas (70), Italian Francesco Molinari (70), American Kevin Kisner (69) and Canadian Roger Sloan (69) also were at 139.
Another group of eight were a further stroke back. The group included Cabrera Bello, who skied to a 75, 10 strokes higher than his opening round.
Defending champion Rory McIlroy was seven strokes off the pace after a two-under 70 which included four birdies, three bogeys and an eagle at the par-five sixth.
World number two Justin Rose hit a 70 to sit six shots off the pace but the tournament ended early for five times major winner Phil Mickelson, who failed to make the cut after a six-over 78 that included three bogeys and two doubles.
The frustrated American, who hit an opening round 68, said he would play a practice round on Tuesday before deciding whether to compete in next week’s Players Championship.
“I mean, I want to play it, so I would most likely,” Mickelson said. “But if I hit it like this, it’s pointless, so I got to figure something out.”
South African Ernie Els (75) and world number three Brooks Koepka (73) also missed the cut.
Watch day three of the Arnold Palmer Invitational on Sky Sports Golf from 5.30pm