After completing the first level, you are taken to the S.H.I.E.L.D. Helicarrier. Follow the holographic mini-fig to a platform on the edge of the carrier. Press
to jump off and when you reach the bottom you will get this achievement. You don't need to press
again as your parachute popping appears to be automatic.
It appears if you played co-op and player 2 jumps before you, you may not get the achievement. If this happens, you'll have to restart the game on a different save and play to that point again. (Thanks to Orangeflav0r)