Step 1: Hydrops fetalis is abnormal fluid accumulation in two or more fetal compartments. Non-immune hydrops is the type not caused by red-cell alloimmunisation (not Rh disease).
Step 2: Among infective causes, Parvovirus B19 is the classic and most important. The virus infects erythroid progenitor cells in the fetal marrow, halting red cell production and causing severe aplastic anaemia.
Step 3: The severe anaemia leads to high-output cardiac failure and tissue hypoxia, which drives the generalised oedema and effusions of hydrops.
Step 4: CMV can cause fetal infection and occasionally hydrops, but its hallmark is intracranial calcification, microcephaly and growth restriction rather than the marrow-suppression hydrops of parvovirus. HSV and HIV are not classic causes of non-immune hydrops.
Step 5: The best-known infective cause of non-immune hydrops fetalis is Parvovirus B19.
Hence the answer is Parvovirus, option B.