TEL AVIV—Israel’s prime minister, Naftali Bennett, said Monday he would move to dissolve Parliament and call for the country’s fifth election in three years, marking the end of the most diverse ruling coalition in Israel’s history.

Mr. Bennett said Foreign Minister Yair Lapid, a former news anchor turned centrist politician, would lead the country in the interim period, which could last several months. The two leaders, from opposite sides of the Israeli political spectrum, joined forces last year to oust then-Prime Minister Benjamin Netanyahu. The prospect of new elections gives Mr. Netanyahu, the country’s longest-serving prime minister, a fresh shot at regaining power.

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