Stage 4 took the riders from Assisi to Tivoli of over 170 kilometres, with Banks overcoming Bujak - her companion from the very beginning - by seven seconds.
It was the 29-year-old's second stage win at the Giro Rosa, after breaking through with her first professional victory during Stage 8 of the 2019 event.
Meanwhile, Mitchelton-Scott's Annemiek van Vleuten finished 1'10'' behind Banks, but consolidated her advantage over general classification rivals to retain the maglia rosa as the overall leader of the race.
"I’m super happy that I had really good legs in the final, it’s a really good sign of my shape.” van Vleuten said.
"My team did a really good job today to defend it. It was really a stage where you cannot do it by yourself."
“I was a bit nervous about losing time maybe, because it was a really long stretch, but apparently I did the opposite.”
Riders were forced to content with heat, rough road surfaces, steep gradient and a finishing sting during Stage 4 on Tuesday (AEST).
Van Vleuten leads Katarzyna Niewiadoma (Canyon-Sram Racing) by 1' 56'' in the general classification battle, as we approach the half-way stage of the Giro Rosa.
SBS will have a daily highlights package from the Giro Rosa, broadcast daily from 4pm (and 4:30pm on weekends). You can also find the .
Giro Rosa 2020 Stage 4 – Results:
1. Lizzy Banks (Équipe Paule Ka) 4:27:21
2. Eugenia Bujak (Alé BTC Ljubljana) +0:07
3. Annemiek van Vleuten (Mitchelton-SCOTT) +1:10
Giro Rosa 2020 – General Classification after Stage 4:
1. Annemiek van Vleuten (Mitchelton-SCOTT) 12:35:23
2. Katarzyna Niewiadoma (Canyon SRAM) +1:56
3. Anna van der Breggen (Boels – Dolmans) +2:03