BleepingComputer Review:

7-Zip is a free and open source archive manager. It supports opening and creating a large number of archive types and algorithms:

• Packing / unpacking: 7z, XZ, BZIP2, GZIP, TAR, ZIP and WIM
• Unpacking only: 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

Product Description from Igor Pavlov:

7-Zip is a file archiver with a high compression ratio.