But Kurt Kitayama was the star on Saturday. He matched the tournament and course record with a 60, finishing before Olesen and Jake Knapp teed off in the final group, to get to 17 under. Japan's Takumi Kanaya (65) is also 17 under with Knapp (67) and Sam Stevens (66).
Olesen, the 35-year-old Dane who led after the second round, used a six iron on the 209-yard eighth at the TPC Twin Cities.
"Obviously, took the slope perfectly, a big bonus to see it go in," he said.
"It's been a long time since I've had one."
Olesen followed the hole-in-one with a bogey on the ninth. He birdied 13 and 14, bogeyed 15, birdied the 16th and parred the final two holes. The eight-time European tour winner is chasing first PGA Tour title.
"I'm not going to lie, there's going to be a lot of pressure, but I felt like in my career I've dealt pretty well with pressure," Olesen added.
"Obviously, the wins on the DP World Tour, but Ryder Cups, also."
Bhatia, the 23-year-old Californian with two PGA Tour victories, had a 63 to post first at 18-under 195.
"I chipped in twice, made a lot of putts," he said.
"All in all, just a pretty solid round ... I didn't hit it particularly great off the tee, but thankfully greens are soft enough to where you can kind of do that.
"I'm just trying to play solid golf and hopefully the cards fall my way tomorrow."
The only Australian left in the field is Adam Scott, after four compatriots missed the weekend cut.
The former world No.1 and 2013 Masters champion shot a 66 to be tied for 25th at 11 under.
Kitayama matched the tournament mark set by Adam Svensson in the first round. Paul Goydos also has a share of the course record, shooting 60 in 2017.
The current world No. 97 had 12 birdies and a bogey on 'Moving Day', dropping his only stroke of the week on the 17th.
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