How to efficiently handle large JSON data in Node.js without running out of memory?

My team is building an API with Node.js that processes large JSON files (up to 500MB). We tried parsing these files using JSON.parse, but the application runs out of memory, then crashes.

currently using the following code

const fs = require('fs');

fs.readFile('largeFile.json', 'utf8', (err, data) => {
    if (err) throw err;
    const jsonData = JSON.parse(data);
    // Processing the JSON data here...
});

I have read about possible memory issues with large files in Node.js. How can I efficiently handle and process large JSON data without consuming too much memory? Are there any best practices or libraries that can help?