The pair both fired second-round 64s to reach 11 under to head American Justin Leonard, who also hit 64, by one shot.
Australian Nick O'Hern, michael jackson shoes who shot 63 to lead after round jordan shoes one, slipped back to nine under after a two-under 68.
Scotland's Martin Laird, who won his maiden Tour title last week, made the cut with no room to spare at one under.
The 37-year-old Owen, who is still chasing a first win on the US Tour, carded six birdies, two bogeys and an eagle two on the 15th hole of the Raptor course at Grayhawk Golf Club.
Owen's best finish on the Tour was his infamous jordan shoes second place at Bay Hill in 2006, when he had a two-shot lead going into the penultimate hole but three-putted from three feet and ultimately lost out to Rod Pampling.
The Mansfield-born pro entered this week's event 116th on the 2009 earnings list with $677,627 (£415,582). The top 125 automatically qualify for next year's Tour.
"First of all, a good week would mean I've got a job for next year," said Owen, whose best PGA Tour finish this season was a tie for ninth at the John Deere Classic.
The 20-year-old Fowler, who helped the United States beat Britain and Ireland in the Walker Cup for amateurs last month, tied for seventh in his first PGA Tour start as a pro last week at the Justin Timberlake Shriners Hospitals for Children Open in Las Vegas.
He was level par for the michael jackson shoes round after five holes on Friday, then ignited with an eagle on the par-four, 345-yard 6th.
"I swung out about as hard as I could and hit jordan shoes it about as hard as I could and it went about as straight as a ball could go," Fowler said.
"I ended up about 12 feet behind the hole and rolled in a good putt to kind of get things jump started."
Fowler played several Tour events as an amateur, including two US Opens, as well as jordan shoes tournaments on the minor Nationwide Tour and two Walker Cups.
"So I feel I've bee michael jackson shoesn through plenty of experiences puma shoes to make me feel comfortable out here," Fowler said.
"You know, what you're seeing is pretty much how I feel. I just feel like I'm going puma shoes around and having fun. Right now jordan shoes the game feels good, so that makes it even more fun."
Fowler plans to go to US PGA Tour qualifying school after this weekend, though victory in Arizona would qualify him for next year's full Tour.
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