Schwab, 24, got off to an impressive start, making five birdies on the front nine and a further two on second half of the round to card a 63 and tie with Lorenzo-Vera, both taking a one shot lead at seven under.
Schwab's best finish since joining the European Tour in 2017 was a third place finish at the BMW International Open in June.
Lorenzo-Vera's round was much the oppposite, getting off to a shaky start after making a double bogey on the fourth hole. The Frenchman went on to card a total seven birdies and an eagle at the 14th hole.
A large group sit tied fifth at five under, including last week's Scandinavian Invitation winner Erik Van Rooyen and England's Tommy Fleetwood.