If I had to pick one, I’d say Arceus is the most powerful in lore. It’s the literal source of all existence. But if we’re talking practical, usable power? Mega Rayquaza or Primal Groudon. Or, if you want to be a troll, Ditto with a Scarf.
But honestly, the most powerful Pokémon is the one you love. That’s the cheesiest thing I’ve said all day, but it’s true. I’ve seen a level 100 Magikarp beat a team of Ubers because of a Sturdy+Endeavor cheese strategy. That’s power.
So next time someone asks you this question, just shrug and say, "Depends on the day." Then throw a Quick Ball at their argument. (And if they say MissingNo., run. That glitch will delete your save file.)