We have all experienced the sense of time slowing down when we are bored or speeding up when we are focused, engaged, or excited about a task. In virtual reality (VR), perception of time can be a key aspect related to flow, immersion, engagement, and ultimately, to overall quality of experience. While several studies have explored changes in time perception using questionnaires, limited studies have attempted to characterize them objectively. In this paper, we propose the use of a multimodal biosensor-embedded VR headset capable of measuring electroencephalography (EEG), electrooculography (EOG), electrocardiography (ECG), and head movement data while the user is immersed in a virtual environment. Eight gamers were recruited to play a commercial action game comprised of puzzle-solving tasks and first-person shooting and combat. After gameplay, ratings were given across multiple dimensions, including (1) the perception of time flowing differently than usual and (2) the gamers losing sense of time. Several features were extracted from the biosignals, ranked based on a two-step feature selection procedure, and then mapped to a predicted time perception rating using a Gaussian process regressor. Top features were found to come from the four signal modalities and the two regressors, one for each time perception scale, were shown to achieve results significantly better than chance. An in-depth analysis of the top features is presented with the hope that the insights can be used to inform the design of more engaging and immersive VR experiences.