You can reapply as many times as you want, and yes you will have to disclose it irrespective of how far back you were issued with a caution.
As citizenship is discretionary, there is no guarantee that your application will be approved or not. However, if your application is refused, you will be given a reason - as part of your refusal letter - explaining the circumstances that lead to the caseworker's decision. The letter will also state whether and how long you will need to wait before a subsequent application has a chance of being successful. This will usually be based on any ongoing periods of rehabilitation for offences as well as any evidence of fraud, deception, etc which has not been declared but has been discovered as part of the background checks. The latter may lead to a 10y bar on applications from the date on which the offence was first discovered, or from the date of decision for offences that were first discovered during the application process.
Provided you have no future offences in these three years that may lead to questioning whether you are of good character, there should be no reason to refuse your application on the grounds of your single caution. You can take a look at the GCR guidance notes for caseworkers for more information on what could impact the GCR. This includes the guidance rehabilitation periods for various offences.