The 2018 Vuelta a Espana winner attacked with four kilometres to go to cross the finish line solo, 15 seconds ahead of Australian Jai Hindley, who beat Carapaz and Vincenzo Nibali in the sprint for second place.
The Ecuadorian is now the new leader of the overall standings, just seven seconds ahead of Hindley, as Juan Pedro Lopez dropped to ninth, losing the pink jersey after ten days.
"It's been quite an intense stage, it's been really hard," admitted Carapaz, who returns to wear the leader's jersey three years after winning the same race.
"The truth is that we wanted it to be a hard day, but I'm really happy. I think the team has achieved its first objective, we are in a good position and we need to carry on."
Today's stage - the shortest in the Giro with just 147km of racing - was ignited by the Bora-Hansgrohe team, which caused a split in the peloton with 75km to go. Carapaz's move in the last 30km then forced some of the other general classification contenders - including Lopez, Joao Almeida and Mikel Landa - to lose further ground.
Former champion Tom Dumoulin abandoned the race around 55km into the stage. “Tom had been struggling with his physical condition for several days,” his team Jumbo-Visma explained in a statement.
On Sunday the peloton will tackle the Alps in a 178km route from Rivarolo Canavase to Cogne, featuring 4,000 metres of climbing and a summit finish.
2022 Giro d'Italia: Stage 14 Results - Saturday 21 May
- Simon Yates (Great Britain) Team BikeExchange-Jayco 3:43:44
- Jai Hindley (Australia) BORA-Hansgrohe +0:15
- Richard Carapaz (Colombia) INEOS Grenadiers +0:15
- Vincenzo Nibali (Italy) Astana Qazaqstan Team +0:15
- Domenico Pozzovivo (Italy) Intermarche-Wanty-Gobert Materiaux +0:28
Giro d'Italia: General Classification standings after Stage 14
- Richard Carapaz (Ecuador) INEOS Grenadiers = 58:21:28
- Jai Hindley (Australia) BORA-Hansgrohe +0:07
- Joao Almeida (Portugal) UAE Team Emirates +0:30
- Mikel Landa (Spain) Bahrain-Victorious +0:59
- Domenico Pozzovivo (Italy) Intermarche-Wanty-Gobert Materiaux +1:01
Giro d'Italia race schedule in 2022
The 2022 Giro began on Friday 6th May 2022, and will conclude on 29th May.
6 May: Stage 1 - Budapest-Visegrad (195 km) - Won by Mathieu van der Poel, who claims overall lead.
7 May: Stage 2 - Budapest-Budapest (Time trial, 9.2km) - Won by Simon Yates. Mathieu van der Poel remains overall leader.
8 May: Stage 3 - Kaposvar-Belatonfured (201 km) - Won by Mark Cavendish. Mathieu van der Poel remains overall leader.
9 May: Rest day
10 May: Stage 4 - Avola-Etna (166 km) - Won by Lennard Kamna, Juan Pedro Lopez claims overall lead.
11 May: Stage 5 - Catania-Messina (172 km) - Won by Arnaud Demare, Juan Pedro Lopez remains overall leader.
12 May: Stage 6 - Palmi-Scalea (192 km) - Won by Arnaud Demare, Juan Pedro Lopez remains overall leader.
13 May: Stage 7 - Diamante-Potenza (198 km) - Won by Koen Bouwman, Juan Pedro Lopez remains overall leader.
14 May: Stage 8 - Napoli-Napoli (149 km) - Won by Thomas de Gendt. Juan Pedro Lopez remains overall leader.
15 May: Stage 9 - Isernia-Blockhaus (187 km) - Won by Jai Hindley. Juan Pedro Lopez remains overall leader.
16 May: rest day
17 May: Stage 10 - Pescara-Jesi (194 km) - Won by Biniam Girmay. Juan Pedro Lopez remains overall leader.
18 May: Stage 11 - Santarcangelo di Romagna-Reggio Emilia (201 km) - Won by Alberto Dainese. Juan Pedro Lopez remains overall leader.
19 May: Parma-Genova (186 km) - Won by Stefano Oldani. Juan Pedro Lopez remains overall leader.
20 May: Sanremo-Cuneo (157 km) - Won by Arnaud Demare. Juan Pedro Lopez remains overall leader.
21 May: Santena-Torino (153 km) - today's stage
22 May: Rivarolo Canavese-Cogne (177 km)
23 May: rest day
24 May: Salo-Aprica (193 km)
25 May: Ponte di Legno-Lavarone (165 km)
26 May: Borgo Valsugana-Treviso (146 km)
27 May: Marano Lagunare-Santuario di Castelmonte (178 km)
28 May: Belluno-Marmolada (Passo Fedala)
29 May: Verona-Verona (Time trial, 17.1km)
How to watch Giro d'Italia 2022
Every stage of the race is filmed and made available for live TV coverage and streaming via local broadcast partners in different regions.
In Europe, this is via Eurosport and Discovery+, with RAI Sport in Italy showing the coverage for viewers in the host nation. GCN+ in USA/Canada, SBS TV in Australia, and BeIN Sports are other major broadcasters offering television and livestream coverage.
Full details of broadcasting and race updates are also on the official giroditalia.it website.