If you don't already have the LEGO Speed Champions 2019 Bugatti Chiron unlocked you should first complete:
The LEGO Goliath race is near Falcon Speedway. It unlocks after collecting 5000 LEGO bricks and building the biplane. Change cars to LEGO Speed Champions 2019 Bugatti Chiron, then start the race. To make this achievement quicker and easier, you can upgrade your car with a Race Twin Turbo and Race Weight Reduction. Set the difficulty to Easy and use rewind if you make a mistake, and you should have no trouble beating the 4 minutes. My first attempt was 3m20s.