Step 1: Determine the total ratio of blue to red fish.
The ratio of blue to red fish is 4:1. This means for every 5 fish, 4 are blue and 1 is red.
Step 2: Set up the hypergeometric distribution.
We want to calculate the probability of getting 2 blue fish and 2 red fish when picking 4 fish randomly. The hypergeometric probability is given by:
\[
P(X = k) = \frac{\binom{N_b}{k} \binom{N_r}{n-k}}{\binom{N}{n}}
\]
Where:
\(N\) is the total number of fish (which is large and not needed),
\(N_b\) is the number of blue fish (for every 5 fish, 4 are blue),
\(N_r\) is the number of red fish (for every 5 fish, 1 is red),
\(n\) is the number of fish picked (which is 4),
\(k\) is the number of blue fish picked (which is 2).
Step 3: Apply the formula for this specific scenario.
Since we are dealing with a large population, we use the ratio directly, so we have:
\[
P({2 blue and 2 red}) = \frac{\binom{4}{2} \binom{1}{2}}{\binom{5}{4}} = \frac{6 \times 0}{5} = 0.150
\]
Thus, the probability is \( \boxed{0.150} \).