Recent experiments on microwave-irradiated ultraclean 2DES revealed a colossal narrow photoresistivity peak in the vicinity of the second cyclotron resonance harmonic 2ωc. Here we propose an explanation of this puzzle phenomenon in terms of the parametric instability of 2D magnetoplasmons. We develop the hydrodynamic theory of 2D magnetoplasmons under an inhomogeneous electric field of the MW pumping with frequency Ω. Such a strong inhomogeneous MW field is always induced by lateral metal contacts, which are used to measure photoresistivity. We show that the parametric instability of the 2D magnetoplasmons arises near Ω = 2ωc when the gradient of the electric field of the pumping exceeds a threshold value. The instability leads to heating of 2DES, which in turn leads to the sharp photoresistivity peak.