Option 1 -> Sikandar Lodhi died in 1517, nearly a decade before the First Battle of Panipat took place.
Option 2 -> Akbar and Hemu fought the Second Battle of Panipat in 1556, not the first one.
Option 3 -> Humayun and Sher Shah Suri fought battles at Chausa (1539) and Kannauj (1540), but not at Panipat.
Option 4 -> Babur and Ibrahim Lodhi fought the First Battle of Panipat in 1526.
Hence, Option 4: Babur and Ibrahim Lodhi -> The First Battle of Panipat was fought on April 21, 1526, between Babur (founder of the Mughal Empire) and Ibrahim Lodhi (the last Sultan of the Delhi Sultanate). Babur's victory in this battle marked the beginning of Mughal rule in India. -> correct