Bhullar and Lahiri have totals of five-under 137s.
A 10th tee starter, Bhullar's hole-in-one on the par-three 14th hole helped him make the turn four-under after a flawless back-nine that also included one birdie.
He let it slip slightly in the front nine bartering two birdies for an equal number of bogeys.
"My round could have been better. I was hitting my approach shots pretty close and missed a few return putts. Apart from that, I had a good round and I'm looking forward to the weekend," said the young golfer who was among the five Indians to make the cut at the event.
Bhullar said he never thought he could pull off a hole-in-one after missing so many in the past few years.
"My hole-in-one was my first ever in a professional tournament. I missed so many by a fraction in the past and it was an amazing feeling to finally get an ace! I had two hole-in-ones previously but never in a professional tournament," he said.
"I hit my five iron to 210 yards and my ball landed six feet short of the hole and rolled in. It was a tough hole and it was quite surprising. I couldn't imagine I had a hole-in-one. In the last few years I missed so many hole-in-ones and I had a mental block," he added.
Lahiri's 67, meanwhile, was studded with six birdies against just a couple of bogeys.
Among other Indians, Gurki Shergill (72) was four-under 134 overall which earned him a share of the 20th spot.
C Muniyappa carded a second successive 70 to total two-under 140 and lie tied 37th. Himmat Rai followed him a stroke behind at tied 48th after carding a 68 today.
The cut came at even-par 142 and the Indians who fell by the wayside included, Mandeo Pathania, who ended with a total of 145 despite turning in an improved 69 today.
Amandeep Johl, Digvijay Singh, Rahil Gangjee and Baaz Mann were the others who failed to make the cut for weekend action.
Bangladesh's Siddikur (67) occupied the top spot with a total of 11-under 131.