JERUSALEM — Prime Minister Benjamin Netanyahu of Israel held a significant lead in his third electoral showdown with the former army chief Benny Gantz, but fell short of an outright parliamentary majority, after 92 percent of votes had been counted on Tuesday.

The tallies showed Mr. Netanyahu, who faces trial in two weeks on felony corruption charges, coming within two seats of winning a record fifth term in office and breaking the political logjam that has paralyzed Israel for more than a year.

[Update: Benny Gantz, breaking vows, says he would serve under Netanyahu.]

Vote shares fluctuated all day, and some ballots — from soldiers and diplomats — may not be counted for several days. But by Tuesday night, Mr. Netanyahu’s right-wing and religious coalition was projected to have won 59 seats in the Monday election, two shy of a majority in the 120-member Parliament.

That plurality, if it holds up, would give him the first chance to assemble a majority coalition, but he would have to peel off at least two seats from other parties to do so.