Pharnabazus III (in Greek Φαρνάβαζος; c. 370 BC - after 320 BC) was a Persian satrap who fought against Alexander the Great.
Pharnabazus was the son of Artabazus, satrap of Hellespontine Phrygia. However, Artabazus was exiled after a failed rebellion against Artaxerxes III in 358 BC. The family went into exile to Macedonia, where they met the young Alexander. With Artabazus and Pharnabazus was Memnon of Rhodes, a Greek mercenary and relative by marriage.
Artabazus, Pharnabazus and Memnon were later allowed to return to Persia, where Memnon took command of the Persian navy in the Aegean with Pharnabazus in support.
When Alexander invaded the Persian empire, Memnon defended the strategically important town of Halicarnassus, which Alexander was then diverted to capture, forcing him to seek reinforcements. This allowed the Persians time to regroup.
Memnon and Pharnabazus then directed their strategy to disrupt Alexander's supply lines by taking Aegean islands near the Hellespont and by fomenting rebellion in Greece. At around the same time, the Spartan king Agis III and the Athenian statesman Demosthenes organised forces to liberate Greece from the Macedonians. Memnon and Pharnabazus took Cos and Chios, but during the siege of Mytilene, the capital of Lesbos, Memnon died of a fever.
Pharnabazus took control of the Persian forces in the Aegean, assisted by Autophradates. They captured Mytilene and the isle of Tenedos, which gave him control over the Hellespont.
Pharnabazus further threatened Alexander's supplies by establishing a fortified position near Halicarnassus, which made the harbour inaccessible. He also took Samothrace, Siphnos and Andros and seized all Greek supply ships.