Although very similar to the Cascavel 2, the Cascavel 3 (Rattlesnake) was fitted with domestically built/designed ENGESA engine and turret, mounting a license-built version of the 90mm Cockerill gun.  It was produced in conjunction with the EE-11 Urutu APC and followed by the similar EE-3 Jararaca Scout Car. The Cascavel 3 was made in Brazil to maximize local production and content, but was only in production for a short while before the Cascavel 4 was introduced.

Total production of all Cascavel versions (Marks 1-5) reached 1,738 units built.  They are divided as follows: Bolivia (24), Brazil (409), Chad (? captured from Libya), Chile (106), Colombia (128), Cyprus (124), Equador (32), Gabon (12), Iraq (364), Iran (? captured from Iraq), Libya (400), Paraguay (28), Qatar (20), Suriname (6), Togo (10), Uruguay (15), and Zimbabwe (90).