Oleg Verniaiev earned Ukraine's first parallel gold in 16 years, posting a top score of 16.041. He came into the final after a qualifying score of 16.166.
American Danell Leyva finished second with a 15.900 to secure the silver medal and David Belyavskiy of Russia took home bronze with a 15.783.
It's Verniaiev's second medal of the Olympics. He narrowly missed the gold in the all-around and settled for silver.
After the American team failed to qualify for a medal, Leyva will take home his first medal from the Rio Olympics. His 15.900 score in the parallel bars was his best of these Olympics after he posted a 15.