7-Zip is an archive program that supports reading and writing: 7z, XZ, BZIP2, GZIP, TAR,
ZIP and WIM
and reading of: ARJ, CAB, CHM, CPIO, CramFS, DEB, DMG, FAT, HFS, ISO, LZH, LZMA, MBR, MSI, NSIS, NTFS, RAR, RPM, SquashFS, UDF, VHD, WIM, XAR and Z.
7-Zip is free and of open-source development.
7-Zip uses about 4mb of memory and the program itself is 1mb. This is perfect for a type of program that should open quickly. 7-Zip is GNU LGPL licensed with some mixed licensing for proprietary formats.
For a very long time, I recommended a program called IZarc for archives of all sorts. Unfortunately, they have made some interesting choices to fund their developments by including adware bundled with their software. You can opt out of these during the installer, but the amount of trickery in doing so exceeds the benefits of the program.