The problem involves a regular \( n \)-sided polygon inscribed in and circumscribed by circles. As \( n \to \infty \), the polygon approaches a circle, and we can calculate the ratio \( \frac{R_n}{r_n} \) of the circumradius to the inradius.
For a regular \( n \)-sided polygon, the relationship between the circumradius \( R_n \) and the inradius \( r_n \) is given by:
\[
\frac{R_n}{r_n} = \frac{1}{\sin \left( \frac{\pi}{n} \right)}.
\]
For large \( n \), \( \sin \left( \frac{\pi}{n} \right) \approx \frac{\pi}{n} \), so:
\[
\frac{R_n}{r_n} \approx \frac{n}{\pi}.
\]
Thus, as \( n \to \infty \), the expression becomes:
\[
\lim_{n \to \infty} \left( \frac{R_n}{r_n} \right)^{n^2} = \lim_{n \to \infty} \left( \frac{n}{\pi} \right)^{n^2}.
\]
This can be approximated by the limit:
\[
e^{\frac{\pi^2}{2}}.
\]
Therefore, the correct answer is (B): \( e^{\frac{\pi^2}{2}} \).