اللَّهُمَّ إِنِّي ظَلَمْتُ نَفْسِي ظُلْمًا كَثِيرًا وَلَا يَغْفِرُ الذُّنُوبَ إِلَّا أَنْتَ فَاغْفِرْ لِي مَغْفِرَةً مِنْ عِنْدِكَ وَارْحَمْنِي إِنَّكَ أَنْتَ الْغَفُورُ الرَّحِيمُ
Transliteration
Allahumma inni zalamtu nafsi zulman kathiran wa la yaghfirudh-dhunuba illa anta faghfir li maghfiratan min 'indika warhamni innaka antal-ghafurur-Rahim
English meaning
O Allah, I have greatly wronged myself and none forgives sins but You, so grant me forgiveness from You and have mercy on me. Surely, You are the Most Forgiving, the Most Merciful.
When is it recited?
Can be recited in prayer before salam, or anytime.
Its virtue
The supplication the Prophet (PBUH) taught Abu Bakr to recite in prayer.
Source
Bukhari, Adhan 149, 834; Muslim, Dhikr 48, 2705