The winner is a married man in his 30s living in Fountain Hills, Ariz., a wealthy suburb north of Phoenix. He did not wish to be identified.
Last week's multistate Powerball drawing was for a $587.5 million jackpot. The Arizona winner opted for the pretax cash option of $192 million. The man reportedly bought $10 worth of lottery tickets and had the winning slip in his car's visor.
A Missouri man was the first winner to come forward following the drawing.
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.
Before the Nov. 28 drawing, the jackpot had rolled over 16 consecutive times without any winners. In a Mega Millions drawing in March, three ticket buyers shared a $656 million jackpot, the largest lottery payout of all time.
The Arizona winner 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.
The Associated Press contributed to this report.