McLaughlin beat Will Power to top spot with the final run of the Fast Six, meaning the 2018 Indy 500 winner will start in the middle of the front row and 2023 race winner Josef Newgarden alongside them.
The New Zealander’s effort was the fastest pole run in the history of the event, which is being held this year for the 108th time, at an average of 234.220mph (376.941km/h).
2016 Indy 500 winner Alexander Rossi qualified fourth and will be joined on Row 2 by McLaren team-mate Kyle Larson along with AJ Foyt Racing’s Santino Ferrucci in an all-Chevrolet top six.
Given how Day 1 and the Top 12 played out, Rossi was going to need something special to knock off all three of the Penske drivers, and he started his run with a 234.062mph lap.
The #7 McLaren entry then got loose at Turn 1 and his second lap was a 233.335mph, before a 232.651mph on Lap 3.
He had to lift off the throttle through Turn 2 on his final lap, which was a 232.319mph good enough for a run average of 233.090mph.
Newgarden then stormed to a run of 234.188mph, 234.004mph, 233.640mph, and 233.400mph for a four-lap average of 233.808mph (376.278km/h) in the #2 Chevrolet.
Power was fast but not fast enough initially, with laps of 234.128mph and 233.955mph to start his run in the #12 Chevrolet.
However, the Queenslander dug deep and pulled the margin back with a 233.767mph and 233.819mph to finish the run, for an average of 233.917mph.
That was the target for McLaughlin, and he started off with a first lap of 234.526mph.
The Kiwi backed that up with a 234.371mph next time through, then a 234.168mph and a 233.816mph to rewrite the record books.
To the TOP from Down Under!@smclaughlin93: The FASTEST pole winner in the history of the #Indy500! pic.twitter.com/0UbR7pHqM1
— NTT INDYCAR SERIES (@IndyCar) May 19, 2024
McLaughlin had never previously qualified higher than 14th for the Indy 500, but will now start in first position next Sunday (local time).
Earlier in the session, Larson (#17 McLaren Chevrolet) claimed fifth 232.846mph (374.729km/h), before flying to North Wilkesboro Speedway for the NASCAR All-Star Race.
Ferrucci had been first out and slid as close as he dared to the wall at Turn 1 on both his second and third laps, setting an average four-lap speed of 232.692mph (374.482km/h) in the #14 AJ Foyt Racing Chevrolet.
Rows 3 and 4 were decided earlier in the afternoon, while rookie Nolan Siegel was bumped from the field in Last Chance Qualifying.
Practice 8 takes place on Monday afternoon (local time; Tuesday morning AEST).
Results: Fast Six
| Pos | Num | Driver | C/E/T | Lap 1 | Lap 2 | Lap 3 | Lap 4 | Total Time | Speed | Qualified On |
| 1 | 3 | Scott McLaughlin | D/C/F | 38.3753 | 38.4006 | 38.4340 | 38.4918 | 2:33.7017 | 234.220 | Pole Day – Fast 6 |
| 2 | 12 | Will Power | D/C/F | 38.4405 | 38.4690 | 38.4999 | 38.4913 | 2:33.9007 | 233.917 | Pole Day – Fast 6 |
| 3 | 2 | Josef Newgarden | D/C/F | 38.4306 | 38.4608 | 38.5208 | 38.5604 | 2:33.9726 | 233.808 | Pole Day – Fast 6 |
| 4 | 7 | Alexander Rossi | D/C/F | 38.4513 | 38.5712 | 38.6845 | 38.7399 | 2:34.4469 | 233.090 | Pole Day – Fast 6 |
| 5 | 17 | Kyle Larson | D/C/F | 38.5632 | 38.6427 | 38.6816 | 38.7208 | 2:34.6083 | 232.846 | Pole Day – Fast 6 |
| 6 | 14 | Santino Ferrucci | D/C/F | 38.5916 | 38.6566 | 38.7222 | 38.7406 | 2:34.7110 | 232.692 | Pole Day – Fast 6 |
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