To begin with, the only force acting on the object is the force due to gravity, meaning that the forces are unbalanced and the object accelerates.
Then, air resistance begins to resist the weight of the object, the forces are still unbalanced but the object will accelerate at a lower rate.
Next, the air resistance and the weight of the object are now balanced. As the forces are balanced, the object is at a constant velocity (terminal velocity).
After the parachute opens, massively increasing the air resistance, the forces are unbalanced again and the object decelerates.
Finally, the object reaches a new lower terminal velocity because the lower speed has led to less air resistance, causing the forces the forces to be balanced again.