Start breaking into houses or killing civilians until the cops show up. As they do, run and steal their squad car, and floor it! Driving like a lunatic and beating up the car will cause it to burst into flames. Keep it floored and the achievement will pop when you get up to speed.
There's no speedo in the game, but mine popped moments after it burst into flames just by accelerating off again.
to dive out when it pops, unless you don't mind being blown up along with the car!