Who among the following emperors fought the 'First Battle of Panipat'?

Babur and Ibrahim Lodhi

The correct answer is Option (4) → Babur and Ibrahim Lodhi

The First Battle of Panipat (21 April 1526) was fought between Babur (founder of the Mughal Empire) and Ibrahim Lodhi (the last ruler of the Delhi Sultanate from the Lodhi dynasty). Babur's victory, aided by superior artillery and tactics, marked the beginning of Mughal rule in India.