Mehta staved off a stiff challenge from the World ranked 19 Perry before beating him 3-2 and book a semifinal berth against Thailand's Dechawat Poomjaeng, who beat another Indian and eight-time world champion Pankaj Advani 3-1.
Despite registering a comfortable 3-0 win over Luis Lemus of Guatemala in his first-round match, Mehta struggled against the more experienced Perry, who won his first and only ranking tournament at the Yixing Open earlier this year.
The Englishman again surged ahead by winning the third frame and took a commanding lead in the fourth before Mehta put on display amazing potting skills on the green baize to clinch it and take the game into the decider.
The Mumbai-based cueist dominated the fifth and final frame, constructing a break of 50 to seal the issue in his favour and move into the semifinals.
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Currently ranked 74th in the world, Mehta had won silver and bronze medals at the 2010 Asian Games.
The other semi-final will see China's Liang Wenbo take on Brazil's Igor Figueiredo.