diff --git a/CLAUDE.md b/CLAUDE.md
index 12393fb..37dc157 100644
--- a/CLAUDE.md
+++ b/CLAUDE.md
@@ -70,6 +70,24 @@ Converts .NET-style schema names to valid TypeScript:
 "Company.Api.V5.ViewModel" → "ViewModel"
 ```
 
+### Spec Caching
+Parsed specs are cached in-memory for improved performance:
+- LRU cache with max 10 entries
+- 15-minute TTL
+- Local files: cache key includes mtime for change detection
+- Remote URLs: normalized URL as cache key
+
+All tools support `noCache: true` to bypass the cache:
+```json
+{
+  "name": "parse-spec",
+  "arguments": {
+    "path": "https://api.example.com/spec.json",
+    "noCache": true
+  }
+}
+```
+
 ### TypeScript Generation Options
 The `generate-types` tool supports customization via `options`:
 
diff --git a/docs/tasks/caching-task.md b/docs/tasks/caching-task.md
new file mode 100644
index 0000000..a5e7c1e
--- /dev/null
+++ b/docs/tasks/caching-task.md
@@ -0,0 +1,159 @@
+# Task: Remote Spec Caching
+
+## Related Documents
+- Analysis: `docs/analysis/feature-enhancements-analysis.md`
+- Branch: `feature/caching` (from `feature/typescript-options`)
+
+## Priority
+NORMAL
+
+## Objective
+Add an in-memory LRU cache for parsed OpenAPI specs to improve performance when repeatedly accessing the same remote URLs or local files.
+
+## Definition of Done
+- [x] Code implemented per specification
+- [x] TypeScript compilation CLEAN
+- [x] ALL tests passing
+- [x] Manual verification with remote spec
+- [x] PROOF PROVIDED (cache hit/miss demonstration)
+
+## Scope
+
+### IN SCOPE
+- LRU cache with configurable max entries (default 10)
+- TTL-based expiration (default 15 minutes)
+- Cache key includes mtime for local files
+- `noCache` parameter to bypass cache
+- Cache invalidation on parse errors
+
+### OUT OF SCOPE
+- Persistent (disk) caching
+- ETag/304 support for remote URLs
+- Cache warming/preloading
+- Distributed caching
+
+## Sub-Tasks
+
+### Phase 1: Cache Implementation
+#### 1.1 Create cache module
+- **Details**: Implement LRU cache class with TTL support
+- **Files**: `src/lib/cache.ts` (new)
+- **Testing**: Unit test cache hit/miss/expiration
+
+#### 1.2 Define cache entry interface
+- **Details**: Store spec, metadata, timestamp, dereferenced flag
+- **Files**: `src/lib/cache.ts`, `src/lib/types.ts`
+- **Testing**: TypeScript compilation
+
+### Phase 2: Parser Integration
+#### 2.1 Add cache to parseSpec
+- **Details**: Check cache before parsing, store result after
+- **Files**: `src/lib/parser.ts`
+- **Testing**: Verify cache hit on repeated calls
+
+#### 2.2 Implement cache key strategy
+- **Details**: URL normalization for remote, path+mtime for local
+- **Files**: `src/lib/cache.ts`
+- **Testing**: Local file change triggers re-parse
+
+### Phase 3: Tool Integration
+#### 3.1 Add noCache parameter to tools
+- **Details**: Optional parameter to bypass cache
+- **Files**: `src/tools/parse.ts`, `src/tools/validate.ts`, `src/tools/query.ts`, `src/tools/schema.ts`, `src/tools/generate.ts`
+- **Testing**: noCache=true forces fresh parse
+
+## Files to Modify
+- `src/lib/cache.ts`: NEW - LRU cache implementation
+- `src/lib/types.ts`: Add CacheEntry interface
+- `src/lib/parser.ts`: Integrate cache into parseSpec
+- `src/tools/*.ts`: Add noCache parameter to all tools
+
+## Risks & Mitigations
+
+| Risk | Impact | Mitigation |
+|------|--------|------------|
+| Stale cache for rapidly changing specs | MEDIUM | Short TTL (15 min), noCache param |
+| Memory pressure with large specs | MEDIUM | LRU eviction, max 10 entries |
+| Local file changes not detected | LOW | Include mtime in cache key |
+
+## Testing Strategy
+- Build: `npm run build` - must pass
+- Manual verification:
+  ```bash
+  # First call - should parse fresh
+  echo '{"jsonrpc":"2.0","id":1,"method":"tools/call","params":{"name":"parse-spec","arguments":{"path":"https://petstore.swagger.io/v2/swagger.json"}}}' | node dist/index.js
+
+  # Second call - should hit cache (faster)
+  echo '{"jsonrpc":"2.0","id":2,"method":"tools/call","params":{"name":"parse-spec","arguments":{"path":"https://petstore.swagger.io/v2/swagger.json"}}}' | node dist/index.js
+
+  # With noCache - should bypass
+  echo '{"jsonrpc":"2.0","id":3,"method":"tools/call","params":{"name":"parse-spec","arguments":{"path":"https://petstore.swagger.io/v2/swagger.json","noCache":true}}}' | node dist/index.js
+  ```
+
+## Implementation Notes
+
+### Cache Key Strategy
+```typescript
+function getCacheKey(specPath: string): string {
+  if (specPath.startsWith('http://') || specPath.startsWith('https://')) {
+    // Normalize URL: remove trailing slash, sort query params
+    return normalizeUrl(specPath);
+  }
+  // Local file: include mtime for change detection
+  const resolved = path.resolve(specPath);
+  const stat = fs.statSync(resolved);
+  return `${resolved}:${stat.mtimeMs}`;
+}
+```
+
+### LRU Cache Structure
+```typescript
+interface CacheEntry {
+  spec: OpenAPISpec;
+  metadata: ParsedSpec;
+  dereferenced: boolean;
+  timestamp: number;
+}
+
+class SpecCache {
+  private cache: Map<string, CacheEntry>;
+  private maxSize: number;
+  private ttlMs: number;
+
+  constructor(maxSize = 10, ttlMinutes = 15) {
+    this.cache = new Map();
+    this.maxSize = maxSize;
+    this.ttlMs = ttlMinutes * 60 * 1000;
+  }
+
+  get(key: string): CacheEntry | undefined {
+    const entry = this.cache.get(key);
+    if (!entry) return undefined;
+    if (Date.now() - entry.timestamp > this.ttlMs) {
+      this.cache.delete(key);
+      return undefined;
+    }
+    // Move to end for LRU
+    this.cache.delete(key);
+    this.cache.set(key, entry);
+    return entry;
+  }
+
+  set(key: string, entry: CacheEntry): void {
+    if (this.cache.size >= this.maxSize) {
+      // Remove oldest (first) entry
+      const firstKey = this.cache.keys().next().value;
+      this.cache.delete(firstKey);
+    }
+    this.cache.set(key, { ...entry, timestamp: Date.now() });
+  }
+
+  invalidate(key?: string): void {
+    if (key) {
+      this.cache.delete(key);
+    } else {
+      this.cache.clear();
+    }
+  }
+}
+```
diff --git a/src/lib/cache.ts b/src/lib/cache.ts
new file mode 100644
index 0000000..67a163b
--- /dev/null
+++ b/src/lib/cache.ts
@@ -0,0 +1,112 @@
+import * as fs from 'fs';
+import * as path from 'path';
+import type { OpenAPISpec, ParsedSpec } from './types.js';
+
+export interface CacheEntry {
+  spec: OpenAPISpec;
+  metadata: ParsedSpec;
+  dereferenced: boolean;
+  timestamp: number;
+}
+
+export class SpecCache {
+  private cache: Map<string, CacheEntry>;
+  private maxSize: number;
+  private ttlMs: number;
+
+  constructor(maxSize = 10, ttlMinutes = 15) {
+    this.cache = new Map();
+    this.maxSize = maxSize;
+    this.ttlMs = ttlMinutes * 60 * 1000;
+  }
+
+  get(key: string): CacheEntry | undefined {
+    const entry = this.cache.get(key);
+    if (!entry) return undefined;
+
+    // Check TTL expiration
+    if (Date.now() - entry.timestamp > this.ttlMs) {
+      this.cache.delete(key);
+      return undefined;
+    }
+
+    // Move to end for LRU (delete and re-add)
+    this.cache.delete(key);
+    this.cache.set(key, entry);
+    return entry;
+  }
+
+  set(key: string, entry: Omit<CacheEntry, 'timestamp'>): void {
+    // Evict oldest entry if at capacity
+    if (this.cache.size >= this.maxSize) {
+      const firstKey = this.cache.keys().next().value;
+      if (firstKey) {
+        this.cache.delete(firstKey);
+      }
+    }
+    this.cache.set(key, { ...entry, timestamp: Date.now() });
+  }
+
+  invalidate(key?: string): void {
+    if (key) {
+      this.cache.delete(key);
+    } else {
+      this.cache.clear();
+    }
+  }
+
+  get size(): number {
+    return this.cache.size;
+  }
+}
+
+/**
+ * Generate cache key for a spec path.
+ * - Remote URLs: normalized URL
+ * - Local files: absolute path + mtime for change detection
+ */
+export function getCacheKey(specPath: string): string {
+  // Remote URL
+  if (specPath.startsWith('http://') || specPath.startsWith('https://')) {
+    return normalizeUrl(specPath);
+  }
+
+  // Local file: include mtime for change detection
+  try {
+    const resolved = path.resolve(specPath);
+    const stat = fs.statSync(resolved);
+    return `file:${resolved}:${stat.mtimeMs}`;
+  } catch {
+    // File doesn't exist or can't be read - use path only
+    return `file:${path.resolve(specPath)}`;
+  }
+}
+
+/**
+ * Normalize URL for consistent cache keys.
+ * - Removes trailing slashes
+ * - Lowercases protocol and host
+ */
+function normalizeUrl(url: string): string {
+  try {
+    const parsed = new URL(url);
+    // Lowercase protocol and host
+    let normalized = `${parsed.protocol}//${parsed.host.toLowerCase()}`;
+    // Add pathname (remove trailing slash unless it's the root)
+    const pathname = parsed.pathname.replace(/\/+$/, '') || '/';
+    normalized += pathname;
+    // Add search params if present (sorted for consistency)
+    if (parsed.search) {
+      const params = new URLSearchParams(parsed.search);
+      params.sort();
+      normalized += `?${params.toString()}`;
+    }
+    return normalized;
+  } catch {
+    // Invalid URL, use as-is
+    return url;
+  }
+}
+
+// Global cache instance
+export const specCache = new SpecCache();
diff --git a/src/lib/parser.ts b/src/lib/parser.ts
index e156b53..f75cd88 100644
--- a/src/lib/parser.ts
+++ b/src/lib/parser.ts
@@ -1,15 +1,39 @@
 import SwaggerParser from '@apidevtools/swagger-parser';
 import type { OpenAPI, OpenAPIV3, OpenAPIV3_1 } from 'openapi-types';
 import type { ParsedSpec, OpenAPISpec } from './types.js';
+import { specCache, getCacheKey } from './cache.js';
 
 const HTTP_METHODS = ['get', 'post', 'put', 'patch', 'delete', 'head', 'options', 'trace'] as const;
 
-export async function parseSpec(specPath: string, options?: { dereference?: boolean }): Promise<{
+export interface ParseOptions {
+  dereference?: boolean;
+  noCache?: boolean;
+}
+
+export interface ParseResult {
   spec: OpenAPISpec;
   metadata: ParsedSpec;
   dereferenced: boolean;
-}> {
+  cached?: boolean;
+}
+
+export async function parseSpec(specPath: string, options?: ParseOptions): Promise<ParseResult> {
   const shouldDereference = options?.dereference !== false;
+  const useCache = options?.noCache !== true;
+
+  // Check cache first (unless noCache is set)
+  if (useCache) {
+    const cacheKey = getCacheKey(specPath);
+    const cached = specCache.get(cacheKey);
+    if (cached) {
+      return {
+        spec: cached.spec,
+        metadata: cached.metadata,
+        dereferenced: cached.dereferenced,
+        cached: true,
+      };
+    }
+  }
 
   let spec: OpenAPISpec;
   let dereferenced = false;
@@ -27,7 +51,14 @@ export async function parseSpec(specPath: string, options?: { dereference?: bool
   }
 
   const metadata = extractMetadata(spec);
-  return { spec, metadata, dereferenced };
+
+  // Store in cache
+  if (useCache) {
+    const cacheKey = getCacheKey(specPath);
+    specCache.set(cacheKey, { spec, metadata, dereferenced });
+  }
+
+  return { spec, metadata, dereferenced, cached: false };
 }
 
 export async function bundleSpec(specPath: string): Promise<OpenAPISpec> {
diff --git a/src/tools/generate.ts b/src/tools/generate.ts
index adf9a0a..0e5e65b 100644
--- a/src/tools/generate.ts
+++ b/src/tools/generate.ts
@@ -10,6 +10,7 @@ export const generateToolDescription = 'Generate TypeScript interfaces from Open
 export const generateToolSchema = {
   path: z.string().describe('Path to the OpenAPI/Swagger spec file'),
   schemas: z.array(z.string()).optional().describe('Specific schema names to generate (all if omitted)'),
+  noCache: z.boolean().optional().describe('Bypass cache and parse fresh'),
   options: z.object({
     enumAsUnion: z.boolean().optional().describe('Generate enums as union types (default: true)'),
     enumAsEnum: z.boolean().optional().describe('Generate enums as TypeScript enums'),
@@ -25,9 +26,10 @@ export const generateToolSchema = {
   }).optional().describe('TypeScript generation options'),
 };
 
-export async function generateToolHandler({ path, schemas, options }: {
+export async function generateToolHandler({ path, schemas, noCache, options }: {
   path: string;
   schemas?: string[];
+  noCache?: boolean;
   options?: TypeScriptOptions;
 }): Promise<{
   content: Array<{ type: 'text'; text: string }>;
@@ -45,7 +47,7 @@ export async function generateToolHandler({ path, schemas, options }: {
       };
     }
 
-    const { spec } = await parseSpec(path);
+    const { spec } = await parseSpec(path, { noCache });
 
     const allSchemas = getSchemas(spec);
 
diff --git a/src/tools/parse.ts b/src/tools/parse.ts
index fc0264c..2c59b11 100644
--- a/src/tools/parse.ts
+++ b/src/tools/parse.ts
@@ -8,19 +8,26 @@ export const parseToolDescription = 'Parse and analyze an OpenAPI/Swagger specif
 
 export const parseToolSchema = {
   path: z.string().describe('Path to the OpenAPI/Swagger spec file (YAML or JSON)'),
+  noCache: z.boolean().optional().describe('Bypass cache and parse fresh'),
 };
 
-export async function parseToolHandler({ path }: { path: string }): Promise<{
+export async function parseToolHandler({ path, noCache }: {
+  path: string;
+  noCache?: boolean;
+}): Promise<{
   content: Array<{ type: 'text'; text: string }>;
   structuredContent: Record<string, unknown>;
 }> {
   try {
-    const { spec, metadata, dereferenced } = await parseSpec(path);
+    const { spec, metadata, dereferenced, cached } = await parseSpec(path, { noCache });
 
     let text = formatMetadata(metadata);
     if (!dereferenced) {
       text += '\n\n**Warning**: Spec has broken $refs. Parsed without dereferencing.';
     }
+    if (cached) {
+      text += '\n\n*Served from cache*';
+    }
 
     return {
       content: [{ type: 'text', text }],
@@ -28,6 +35,7 @@ export async function parseToolHandler({ path }: { path: string }): Promise<{
         success: true,
         metadata,
         dereferenced,
+        cached,
         spec,
       },
     };
diff --git a/src/tools/query.ts b/src/tools/query.ts
index 36f03ec..914ce86 100644
--- a/src/tools/query.ts
+++ b/src/tools/query.ts
@@ -14,6 +14,7 @@ export const queryToolSchema = {
   pathPattern: z.string().optional().describe('Regex pattern to match path'),
   tag: z.string().optional().describe('Filter by tag name'),
   operationId: z.string().optional().describe('Filter by exact operation ID'),
+  noCache: z.boolean().optional().describe('Bypass cache and parse fresh'),
 };
 
 const HTTP_METHODS = ['get', 'post', 'put', 'patch', 'delete', 'head', 'options', 'trace'] as const;
@@ -24,12 +25,13 @@ export async function queryToolHandler(args: {
   pathPattern?: string;
   tag?: string;
   operationId?: string;
+  noCache?: boolean;
 }): Promise<{
   content: Array<{ type: 'text'; text: string }>;
   structuredContent: Record<string, unknown>;
 }> {
   try {
-    const { spec } = await parseSpec(args.path);
+    const { spec } = await parseSpec(args.path, { noCache: args.noCache });
 
     const filter: EndpointFilter = {
       method: args.method?.toLowerCase(),
diff --git a/src/tools/schema.ts b/src/tools/schema.ts
index f27b854..a5f64da 100644
--- a/src/tools/schema.ts
+++ b/src/tools/schema.ts
@@ -10,17 +10,19 @@ export const schemaToolDescription = 'Get details of a component schema from an
 export const schemaToolSchema = {
   path: z.string().describe('Path to the OpenAPI/Swagger spec file'),
   schemaName: z.string().describe('Name of the schema in components/schemas (or definitions for Swagger 2.0)'),
+  noCache: z.boolean().optional().describe('Bypass cache and parse fresh'),
 };
 
-export async function schemaToolHandler({ path, schemaName }: {
+export async function schemaToolHandler({ path, schemaName, noCache }: {
   path: string;
   schemaName: string;
+  noCache?: boolean;
 }): Promise<{
   content: Array<{ type: 'text'; text: string }>;
   structuredContent: Record<string, unknown>;
 }> {
   try {
-    const { spec } = await parseSpec(path);
+    const { spec } = await parseSpec(path, { noCache });
 
     const schema = findSchema(spec, schemaName);