The parameter name has to be prefixed with spring-boot.
as in -Dspring-boot.run.jvmArgument
The Spring Boot documentation provided me the solution as I’m running Spring Boot 2.0.3
mvn spring-boot:run -Dspring-boot.run.jvmArguments="-Xdebug -Xrunjdwp:transport=dt_socket,server=y,suspend=y,address=5005"