What is the condition when the magnitude of velocity and the speed of an object are equal?

Speed and velocity are used to describe the motion of a body. While speed is a scalar quantity, velocity is a vector quantity. Speed is defined as the ratio of distance traveled to the time taken. In other words,

speed = distance / time

Velocity is the ratio of displacement to the time taken for the motion. In other words,

velocity = displacement / time

For the speed and velocity of an object to be equal, the distance traveled should be equal to the displacement of the object.

That is, distance traveled = displacement.

Note that distance traveled is a measure of the path taken by an object, while displacement is the difference between the initial and final positions of the object.

For speed and velocity to be equal, the object needs to travel along the shortest path.

Hope this helps.