Protesters, who have been bombarding police with petrol bombs and cobblestones in Kiev since Sunday, told opposition leader Vitaly Klitschko they would suspend further action until last night.
Mr Klitschko, a former boxer, is one of three opposition leaders who has been leading demonstrations against Mr Yanukovich since November when he pulled out of signing a free trade deal with the EU in favour of closer economic ties with Russia.
The unrest swelled into peaceful mass rallies against the four-year rule of Mr Yanukovich which turned violent on Sunday when hard-core radicals broke away from the main protest area in the capital Kiev and clashed violently with riot police.
Three people have been killed on the side of protesters - two of them from gunshot wounds - and more than 150 police have been injured in the worst street violence in post-war Kiev.
The truce was agreed after Mr Klitschko went to the barricades where protesters are confronting police from behind a curtain of black smoke from burning tyres.
Also involved in the new round of talks between Mr Yanukovich and Mr Klitschko were former economy minister Arseny Yatsenyuk and far-right nationalist Oleh Tyahnibok.
In an initial round of talks on Wednesday, Mr Yanukovich refused to make any real concessions to opposition demands for his government's dismissal.