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Today’s large-scale scientific applications running on high-performance computing (HPC) systems generate vast data volumes. Thus, data compression is becoming a critical technique to mitigate the storage burden and data-movement cost. However, existing lossy compressors for scientific data cannot achieve a high compression ratio and throughput simultaneously, hindering their adoption in many applications requiring fast compression, such as in-memory compression. To this end, in this work, we develop a fast and high-ratio error-bounded lossy compressor on GPUs for scientific data (called FZ-GPU). Specifically, we first design a new compression pipeline that consists of fully parallelized quantization, bitshuffle, and our newly designed fast encoding. Then, we propose a series of deep architectural optimizations for each kernel in the pipeline to take full advantage of CUDA architectures. We propose a warp-level optimization to avoid data conflicts for bit-wise operations in bitshuffle, maximize shared memory utilization, and eliminate unnecessary data movements by fusing different compression kernels. Finally, we evaluate FZ-GPU on two NVIDIA GPUs (i.e., A100 and RTX A4000) using six representative scientific datasets from SDRBench. Results on the A100 GPU show that FZ-GPU achieves an average speedup of 4.2× over cuSZ and an average speedup of 37.0× over a multi-threaded CPU implementation of our algorithm under the same error bound. FZ-GPU also achieves an average speedup of 2.3× and an average compression ratio improvement of 2.0× over cuZFP under the same data distortion.