Good video converter?

[Reggod]

I'm looking to convert a 2.42 GB file down to max of 500 mb for upload to Vimeo. Either that or splitting it up into several segments for upload, 500 mb each. Can someone advise me on how to do this without a loss in quality? I'm not sure which software to use. There seem to be so many options.

[OS = Windows 7]

 

[kanewolf]

Handbrake -- https://handbrake.fr/ is a good free choice. Not always the easiest to use but lots of tutorials. I don't know if you can get a 5X reduction in size without some quality compromises. It would depend on the original format.