Rose, who began the day with a three-stroke lead, stayed hot with the putter to cruise through the front nine but had to work coming home as strong winds began whipping through Augusta National.
The Englishman mixed four birdies with three bogeys for a one-under-par 71 that brought him to eight under at the halfway point.
Given the glittering names atop the leaderboard, two-time Masters runner-up Rose said a fearless attitude will be required to capture the Green Jacket on Sunday.
"You're going to have to play great golf," he said.
"Get out there, want it, go for it."
The 44-year-old former world number one is seeking to add a second major championship on the back end of a career that includes an Olympic gold medal and a lucrative FedEx Cup win.
DeChambeau (68) converted a challenging par-saving putt on 18 to stay one back of Rose.
The popular American was followed throughout his round by adoring fans, who erupted with cheers when he holed out from the bunker on the fourth for birdie.
Well-known for his power off the tee, it has been the two-time US Open champion's finesse with the irons and putter that have impressed this week.
DeChambeau said he too was excited to go toe-to-toe with the game's best over the weekend.
"This is what golf is about," he said.
"We've got a lot of great names up there. I'm looking forward to an unbelievable test of golf."
MCILROY BOUNCES BACK
McIlroy moved past the pair of double bogeys on Thursday that threatened to derail his bid for a career Grand Slam with a thrilling second-round performance.
After a steady but unspectacular start, McIlroy came alive on the back nine with back-to-back birdies on 10 and 11.
The 35-year-old then putted in for a game-changing eagle to help keep his goal of winning his first Green Jacket alive.
"I feel like I just did a good job of resetting," McIlroy said after his bogey-free round of 66 that was the low round of the day and left him tied for third with Canadian Corey Conners.
"I feel like that patience was rewarded with a nice little stretch there."
The normally consistent Scheffler got the worst of the windy conditions for a frustrating round that included several minutes seated beneath a canopy of magnolia trees on 18 while waiting to consult a rules official.
His bogey on the last dropped him into a tie for fifth place.
"I definitely could have been a bit sharper on the back nine," he said.
"Just a few too many mistakes. But overall I did enough to stay in the tournament."
Scheffler is looking to claim his third Green Jacket in four years and to become only the fourth back-to-back champion in the event's history.
LANGER BOWS OUT
Two-time Masters champion Bernhard Langer bid an emotional farewell to the tournament he has played in 41 times as he missed the cut.
With his son on the bag, the 67-year-old German relished the ovation he received from the appreciative crowd on Friday.
"There were lots of emotions flooding through my mind the last two days as I was walking down the fairways," he said.
Fred Couples, the tournament's 1992 champion, electrified the galleries with an opening round that included an eagle from the fairway but missed the cut. The 65-year-old vowed to return.
"They made that clear they wanted me to come back, so I'm coming back next year," he said.
Former champions Phil Mickelson, Dustin Johnson and Sergio Garcia were among those who also missed the cut.
