We study a system of two quadratically-coupled harmonic oscillators, prepared respectively in the ground state and in a coherent state. This toy model can describe for instance the dynamics of one mode of a quantum field evolving in a harmonically-oscillating classical background. In such situations, it is well-known that, depending on the background oscillation amplitude and coupling strength, the system may exhibit parametric resonance. Using the Feynman-Vernon influence functional, we analyze the interplay between parametric resonance and quantum entanglement by perturbatively computing the purity of the mixed state resulting from tracing over one of the oscillators. We find a runaway behavior of the quantum entanglement between the two oscillators, as well as a rapid breakdown of the validity of perturbation theory, in regions of parametric instability. This provides a quantitative confirmation of various statements in the literature and is highly relevant to questions pertaining to the validity of the semiclassical approximation in coupled quantum-classical systems.