Muhammad bin 'Abd ar-Rahman bin 'Obayd Allah (Arabic: محمد بن عبد الرحمن بن عبيد الله), known as Muhammad III (محمد الثالث) was the 10th Caliph of the Caliphate of Córdoba.

Muhammad III was abruptly selected as caliph on 17 January 1024 when a mob of unemployed workmen attacked the Alcázar palace and deposed the existing caliph, Abd ar-Rahman V. At the time, the capital city of Córdoba was a very unstable place and the citizens were quite volitable and upset with regard to their leadership. Intent upon returning the rule of Córdoba back to the Umayyads, the citizens had put Abd ar-Rahman V on the throne in December 1023 and then allowed him to rule only 47 days.^[2]

Muhammad III was selected to succeed Abd ar-Rahman V in the spur-of-the-moment without very much forethought.^[1]

Muhammad III ruled Córdoba from 1024 to 1025. He was weak, lazy and uninspiring. The functionaries that he surrounded himself with were equally unqualified and uninspiring. Muhammad III muddled along, but was ridiculed and unable to maintain power. In May 1025, he became aware of a plot by Yahya ibn Ali ibn Hammud al-Mu'tali to depose him and took a cowardly way out, sneaking from Córdoba disguised as a singer.^[1][3][4]

Weeks later it is believed that Muhammad III was poisoned by a courtier that had accompanied him in his flight.^[1]

Positively, Muhammad II is known as the father of the famous poet Wallada bint al-Mustakfi, whom he had with an Iberian Christian slave.^[5]