What type of field is field 1?

You could create a UIIOnly formula field to have the desired field 2 picklist values in a string based on field 1. Then you can add a filter on field 2 to display value if it is in the string of your formula field.

Both fields are picklist type. I tried UIOnly formula field to return different picklist values for Field-2 based on selected picklist value from Field-1. But not sure, how to write snippet to return array like [{value, label}, {…}]. 

Is there any way I can accomplish this decoratively without using code snippet?

I need to populate a field picklist values in Skuid form based on other model fields in the form. 

I have to check two field values and based on that I need to load (filter) different picklist values in the third field.