This lure looks just like a small fish.
Common loanword for 'lure'; 疑似餌 is a more technical or written term.
Live bait, as opposed to artificial bait.
Standard kanji spelling for artificial bait or lure.
Variant kanji form; 疑似 is more common than 擬似 in modern usage.
Compound of 疑似 (pseudo-, imitation) and 餌 (bait, animal feed).