To determine the order of decreasing polarizability of the given ions, we must first understand the concept of polarizability. Polarizability is the tendency of an electron cloud of an ion or atom to become distorted, which depends largely on the size of the ion. Larger ions have more diffuse electron clouds that are more easily distorted.
In this case, we are comparing the polarizability of halide ions: $Cl^-$, $Br^-$, $I^-$, and $F^-$. Let's analyze their properties:
Therefore, the correct order of decreasing polarizability is: $I^-$, $Br^-$, $Cl^-$, $F^-$.
Thus, the correct answer is the option: $I^-$, $Br^-$, $Cl^-$, $F^-$.
This understanding is in line with the fact that polarizability increases with an increase in ionic size and vice versa.