In a large bowl, combine the flour, salt, black pepper, garlic powder, and cayenne pepper. Mix well to ensure all ingredients are evenly distributed.
Rinse the squid rings under cold water and pat them dry with paper towels to remove excess moisture.
Dredge the squid rings in the flour mixture, making sure they are fully coated. Shake off any excess flour.
In a deep skillet or frying pan, heat about 2 inches of vegetable oil over medium-high heat until it reaches 350°F.
Carefully add the coated squid rings to the hot oil in batches, making sure not to overcrowd the pan. Fry for about 2-3 minutes or until golden brown and crispy.
Use a slotted spoon to remove the fried squid and transfer them to a paper towel-lined plate to drain excess oil.
Serve the crispy squid hot, garnished with chopped parsley and lemon wedges on the side.