The disclosed invention is a regulated drag area parachute for decelerating manned ejection seat or an ejectable capsule at a low altitude from an aircraft or other air vehicle. This parachute comprises a canopy composed of two portions, suspension lines, and a means for controlling the inflation of the canopy so that the two portions of the canopy inflate independently from one another. This means for controlling the inflation of the canopy provides a manner to regulate the rate of inflation of the lower portion of the canopy. Thus, the invention allows the top, or apex portion of the canopy, to inflate rapidly while the remaining portion of the canopy can be inflated subsequently and in a controlled manner so that the effective drag area of the canopy can be regulated during the deployment of the parachute.