The left-hander reached his century off just 48 balls, the fastest ton by an England batsman in T20 internationals.
Malan became just the second Englishman to make a century in the format, but was far quicker than Alex Hales' 60-ball effort against Sri Lanka in 2014.
He finished with nine fours and six sixes, making an unbeaten 103 as the tourists – who trail in the series 2-1 – reached 241-3.
The total was England's highest in the T20 format, surpassing the 230 they made against South Africa in 2016.
Eoin Morgan made a stellar 41-ball 91 as England posted the equal 13th highest total ever in T20 internationals.
The 182-run partnership between Malan and Morgan was also England's highest in T20s.