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Simply put, a PCIe x4 card CAN fit in a PCIe x16 slot. The main reason this is possible lies within the fact that PCIe standard is cross-compatible as well as backward compatible.
Meaning, PCIe devices can work in different slots as long as they are provided the required PCIe lanes. They can also work across different generation provided that they get enough bandwidth.
So Can PCIe x4 Card Fit in x16 slot? Yes, it can. However, whether this is a good idea or not is something we explore further in this article.
The key point to note here is that the PCIe device and slot work at the speeds of the slowest component. So putting the x4 device in an x16 slot will not result in any performance boost.