Bravo achieved the feat during the ongoing IPL 2022 match against the Lucknow Super Giants (LSG) at the Brabourne Stadium in Mumbai.
Bravo, who was level with Malinga with 170 wickets each, dismissed Deepak Hooda to register his 171st scalp in the IPL.
Earlier, the veteran all-rounder had equalled Malinga's record, having taken three wickets in the season opener against the Kolkata Knight Riders (KKR).
While Malinga achieved the feat in only 122 IPL matches, Bravo has done the same in 152 games 30 more than the Sri Lankan legend.
Malinga, who is currently the fast bowling coach of the Rajasthan Royals, averages 19.79 while Bravo has an average of 24 in IPL cricket.
Malinga, who played for MI between 2008-19, won four IPL titles with the five-time champions.