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 A to jump off and when you reach the bottom you will get this achievement. You don't need to press A again as your parachute popping appears to be automatic.
Note:
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.