The 60-second ad is titled 'Streets of Ambitiousness' and follows the 'Journey of Courageousness' and 'Battle of Fearlessness' ads, which aired earlier this year.
The ads, created by VCCP, document the humble origins of Aleksandr’s family and successful meerkat comparison business.
Set in Russia, the third ad stars a wealth of new characters, as well as Aleksandr’s regular companion, IT expert Sergei.
Aleskandr and Sergei will recreate Papa Anton Orlov's first adventures in 19th Century Moscow, from offering painted portraits of meerkats in a market, to the opening of his first store, comparethemeerkat.shop.
Aleksandr Orlov has become a popular mascot since he was launched by comparethemarket.com in January 2009, attracting more than 750,000 Facebook fans and 30,000 followers on Twitter.
Mark Vile, Comparethemarket.com's marketing director, said: "This latest advert is the most exciting in the trilogy, with a host of new characters being introduced. If fans were wondering how Aleksandr came to be the face of comparethemeerkat.com, the new ad will answer all their questions."
The comparison site is currently reviewing its £14 million UK media account, held by ZenithOptimedia, and looking for a digital agency to build its online marketing activity.