A chip shot is achieved by holding LB whilst shooting. For this achievement you need to score five chip-shot goals cumulatively in the game, which can be in a single match or across multiple matches in different game modes.
Some players have this ability listed in their Player Skills (as 'Chip Shot Control'), which drastically increases the accuracy of the chip shot. Some players with this ability include Messi, Lewandowski, Mbappe, Salah, Benzema, Griezmann and Aubameyang. Two of the starting three attackers at Liverpool and Barcelona have this ability, so they are good options if you are specifically going for this.
As a tip, if you find yourself shooting into an empty net after a squared pass, you can do a very light chip shot and this will still count. It doesn’t need to go over the goalkeeper’s head to count.
If you're struggling, this can be completed on a Local Match V COM on Beginner level, against whichever one-star opposition you feel comfortable against.