The man remained anonymous, and his prize was announced by officials who said he bought $10 worth of tickets and kept the winning slip in the visor of his car before coming forward.
The man opted to take the pretax cash option of $192 million. Lottery officials said his wife owns half the prize because Arizona is a community property state.
"He and his wife couldn't believe it," lottery official Karen Bach said. "They checked the numbers over and over again -- absolutely shocked."
Bach said the man is financially savvy and wants to take time to make a solid financial plan and set up a charitable entity to aid causes that he and his wife support. They told lottery officials they likely would keep working.
The ticket was sold at a convenience store in Fountain Hills, northeast of Phoenix. A mechanic and his wife, Mark and Cindy Hill, of Dearborn, Mo., already have claimed their half of the multistate Powerball prize.
The jackpot was the second-largest in U.S. history and set off a nationwide buying frenzy. At one point, tickets were selling at nearly 130,000 a minute.
Lottery officials said yesterday the second winner has a job as a professional, lived in Pennsylvania until about a year ago, and only played the lotto twice since moving to Arizona.
He quickly decided to claim the money this year -- as opposed to waiting until 2013 for tax reasons -- because "he did have concern with the uncertainty with the 'fiscal cliff' in 2013," Bach said.