PeaZip is an open source file and archive manager. It’s freeware and free of charge for any use.
Open source file and archive manager Flexibe, portable, secure, and free as in freedom
- create 7Z, ARC, BZ2, GZ, PAQ/ZPAQ, PEA, QUAD/BALZ, TAR, UPX, ZIP
- extract 123 archive types: ACE, ARJ, CAB, DMG, ISO, LHA, RAR, UDF and many more
From the PeaZip Site:
Flexibility
PeaZip can extract most of archive formats both from Windows and Unix worlds, ranging from mainstream formats as 7Z, RAR, TAR and ZIP to experimental ones like PAQ/LPAQ family, currently the most powerful compressor available.
PeaZip supports creating archives with a wide range of compression and encryption standards, and allows to export job definition as scripts to bridge the gap between GUI and console applications, and let the user pick the best of the two worlds.
PeaZip is a reliable solution for most of the archive types you may met, and will help you in finding the right tool for a wide range of specific needs if you are searching for speed, or maximum compression, or strong encryption.Portability
You can use PeaZip on all Windows version and on Linux (PeaZip is a desktop neutral application) with the same features and look and feel; moreover, for both platforms, PeaZip is also available as standalone, portable application not needing installation.
You can bring PeaZip with you and rely on it on multiple platforms.Security
PeaZip has secure deletion feature, it can verify file checksum and hash, and it supports multiple strong encryption standards, optionally using two factor authentication (password and keyfile) for increased security:* 7Z’s AES256 encryption
* ZIP WinZip’s AE encryption based on AES256 (and ZipCrypto for legacy compatibility); can decrypt PKZip’s AES encryption
* FreeARC’s ARC: AES256, Blowfish, Twofish256 and Serpent256 – this format is also capable to generate recovery records to protect data against corruption
* PEA: AES256 EAX authenticated encryptionPeaZip is focused on security and supports multiple strong encryption standards.
Free as in freedom
PeaZip is freeware, free of charge for any personal and corporate use, and is also free as in freedom since it’s Open Source (LGPLv3)
PeaZip contains exclusively Open Source components released under OSI approved licenses
FileHippo.com on February 21st, 2010 
giorgiotani said:
PeaZip relies on open source 7z component, which comes from 7-Zip project, to handle many formats.
It adds support to various other formats (i.e. ARC, PAQ/LPAQ family etc, extraction of ACE files) and adds other goodies, like two factor authentication, secure file deletion, hash/compare files, helps in creating backup scripts etc.
7-Zip is smaller and generally speaking mode mature project (it is on SourceForge since 2000/2001, while PeaZip started in late 2006), has more localizations and has a very clean UI which some users find minimalist but I like it very much.
Both programs are free and open source, and IMHO both are fit for basic and advanced users as well, my advice is to try them both and keep the one you like the most.