System.IO.Packaging
has a ZipPackage implementation that supports zip files. Any other compression formats are not supported natively and you would have to look for third party support for those.
DotNetZip also has support for zip files, but the API may be more approachable than the built in .net ZipPackage. SharpZipLib has support for a few more file formats including Tar, GZip and BZip2.
There is also the option of leveraging 7Zip and all of the formats that it supports.
There are also plenty of commercial options: XCeed, Rebex to name a couple.
There is no clear cut answer to your question and you are going to have to figure out which option is going to work best for you and determine what licensing model you want to use.