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Virtual reality (VR) is an increasingly popular technology, yet little is known about the cognitive effects it produces. For example, no research has been done investigating time perception in virtual environments. The present work proposed and tested a model of time estimation accuracy in virtual environments. A VR flight simulator was used to engage participants in a virtual environment, where they were required to make time estimations. Video game experience, cognitive load, and VR immersiveness factors were considered potential predictors. Video game experience, presence, interactivity, and immersion - fluency were significant predictors of time estimation accuracy. Having prior video gaming experience, higher levels of presence and interactivity in the virtual environment led to more accurate time estimates. In contrast, higher levels of immersion - fluency reduced time estimation accuracy. These results inform stakeholders of VR technology and highlight the importance of understanding how these factors influence time perception in VR.