Correa was born in Ecuador and holds dual Ecuadorian and American nationality. He is the grandson of Rodrigo Borja Cevallos, a former President of Ecuador. He began karting professionally in 2008, competing across Ecuador and the United States, and won the Rotax Max Challenge Junior Championship in 2013. During his karting years, he attracted the attention of the Lotus F1 team's driver development program before that team was taken over by Renault.
Correa made his single-seater debut in 2016 with Prema Powerteam, competing in both the ADAC Formula 4 and Italian F4 championships. He scored three wins across the two series, finishing sixth in Italian F4 and tenth in the ADAC championship. He repeated the dual-series campaign in 2017, deepening his experience in Formula 4 machinery.
Correa made his GP3 debut at the Spa-Francorchamps round in August 2017 with Jenzer Motorsport. He returned to Jenzer for the full 2018 GP3 season, scoring 42 points and finishing twelfth in the championship. Despite twice starting from reverse-grid pole positions in sprint races, he did not manage a podium finish during that campaign. His teammate for part of the season was Tatiana Calderón, whom Correa finished four places ahead of in the standings.
Correa entered the FIA Formula 2 Championship in 2019 with the Sauber Junior Team by Charouz, alongside Callum Ilott. He scored his first Formula 2 points at the Baku round, where he finished second in the sprint race, and added a second-place result at Le Castellet, crossing the line just two seconds behind Anthoine Hubert.
On August 31, 2019, during the feature race of the Spa-Francorchamps Formula 2 round, Correa was involved in a multi-car accident on the second lap. His car struck Hubert's at 218 km/h, generating a peak impact of 65G. Hubert died from his injuries. Correa sustained fractures to both legs and a minor spinal injury and was airlifted to hospital, where he underwent surgery and was admitted to intensive care. Days later he developed acute respiratory distress syndrome and was transferred to a specialist clinic in London, placed in an induced coma under ECMO support after entering acute respiratory failure.
By late September 2019 Correa had been removed from ECMO and woken from the coma. He chose a reconstructive approach for his severely damaged right leg rather than amputation, undergoing surgery at the end of that month. The procedure was considered largely successful, though his rehabilitation was projected to take at least a year.
Correa received the FIA Americas Award in the car category in January 2020, collecting it in person from his wheelchair at a ceremony in Panama City that was attended by senior FIA officials.
Correa sat out the entire 2020 season to focus on rehabilitation. He returned to competitive racing in the 2021 FIA Formula 3 Championship with ART Grand Prix, partnering Frederik Vesti and Aleksandr Smolyar. He scored eleven points across the year, finishing 21st in the championship. In 2022 he remained with ART Grand Prix, improving to thirteenth in the standings and securing a podium at Zandvoort.
Correa re-entered Formula 2 at the 2022 Yas Marina season finale as a replacement driver for Van Amersfoort Racing, making his first Formula 2 start in more than three years. He ran a full 2023 Formula 2 season with Van Amersfoort Racing, scoring points on six occasions. In 2024 he switched to DAMS Lucas Oil, forming an all-American lineup alongside Jak Crawford, before being replaced mid-season by Ferrari Driver Academy driver Dino Beganovic after the Baku round.
Correa added endurance racing to his programme from 2022 onwards. Racing for Prema Powerteam in the 2022 European Le Mans Series, he contested the final two rounds and won the season finale at Portimão, contributing to Prema's teams' championship victory. In 2023 he competed in the LMP2 category of the FIA World Endurance Championship with Prema Racing, sharing a car with Bent Viscaal and Filip Ugran across rounds that did not conflict with his Formula 2 schedule. From 2025 he added IMSA SportsCar Championship competition with United Autosports.
In 2025, Correa joined HMD Motorsports for selected rounds of the Indy NXT season. He signed with Cusick Morgan Motorsports for his first full Indy NXT campaign in 2026.
Correa's career is defined in large part by his survival of the 2019 Spa accident and by the determination he demonstrated in returning to professional racing. His recovery from injuries that would have ended many careers — and his willingness to continue competing at a high level across multiple disciplines — made him one of motorsport's prominent stories of resilience. He has spoken publicly about the physical and emotional aftermath of the crash and about the lessons he believes the sport should draw from such incidents.