اللَّهُمَّ إِنِّي أَسْتَخِيرُكَ بِعِلْمِكَ وَأَسْتَقْدِرُكَ بِقُدْرَتِكَ وَأَسْأَلُكَ مِنْ فَضْلِكَ الْعَظِيمِ فَإِنَّكَ تَقْدِرُ وَلَا أَقْدِرُ وَتَعْلَمُ وَلَا أَعْلَمُ وَأَنْتَ عَلَّامُ الْغُيُوبِ
Transliteration
Allahumma inni astakhiruka bi'ilmika wa astaqdiruka biqudratika wa as'aluka min fadlikal-'azimi fa innaka taqdiru wa la aqdiru wa ta'lamu wa la a'lamu wa anta 'allamul-ghuyub
English meaning
O Allah, I seek Your guidance by virtue of Your knowledge, and I seek ability by virtue of Your power, and I ask of Your great bounty. You have power and I have none; You know and I know not. You are the Knower of hidden things.
When is it recited?
Recited after praying 2 rak'ahs before making an important decision.
Its virtue
The Prophet (PBUH) used to teach this supplication as he taught chapters of the Quran.
Source
Bukhari, Tahajjud 25, 1162; Da'awat 48, 6382