Preheat your oven to 400°F (200°C). Line a baking sheet with parchment paper or lightly grease it with cooking spray.
In a large mixing bowl, combine the grated Parmesan cheese, panko breadcrumbs, garlic powder, onion powder, Italian seasoning, salt, and pepper. Mix well until all dry ingredients are evenly incorporated.
In a separate bowl, mix the melted butter and olive oil together.
Pat the tilapia fillets dry with a paper towel, then dip each fillet into the butter and oil mixture, ensuring they are coated on both sides.
Immediately transfer the coated fillets to the breadcrumb mixture, pressing gently to ensure an even coating on both sides.
Arrange the crusted tilapia fillets on the prepared baking sheet.
Bake the tilapia in the preheated oven for about 12-15 minutes or until the fish flakes easily with a fork and the crust is golden brown.
Remove from the oven and let it rest for a couple of minutes before serving.
Garnish with chopped fresh parsley and serve with lemon wedges on the side for added brightness.