Why to use a three electrode system in

electrochemical cell instead of two

electrodes?
The above answers are right, but for more clarity: to study the behavior of
analyte at the electrode/electrolyte interface we require both potential and
current to be monitored. Take analyte/electrolyte and put a electrode, and if
I want to study the behaviour of analyte at this electrode (WE), we need to
perturb the system, i.e. take away the system from its equilibrium. This can
be done by polarizing the electrode either cathodically or anodically by
simply applying potential or current to the WE. In order to apply potential,
we require some standard/reference electrode, whose potential is almost
constant. After the perturbation, we have to record the effect of
perturbation, to do this we have to record the current that developed across
WE and some other electrode (generally two leads require to complete the
current circuit). This other electrode can be reference or some other third
electrode. But if you use the reference as the current carrying electrode,
then its potential will change and finally it no more reference electrode. So
we have to avoid using this RE as current carrying electrode. So we require
a third electrode called Counter or Auxiallry electrode and its main purpose
is to complete the circuit to carry current. So for electrochemical behaviour
study of analytes using electrochemical transient techniques, such as LSV,
CV etc. we should use Three electrode system rather two electrode
system.