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I have a 4K video that I want to edit but I can't drag and drop or import the video. The video itself is an mp4 file but when I try to import it I get an error message that says "File uses unsupported video compression type av01". Can anyone help?
That is a particularly heavily compressed format that Pr doesn't accept. You would need to transcode to something it will work with in say ShutterEncoder or Handbrake.
I've heard of Handbrake. Is there a a way to convert to an compatible format without quality loss?
Between Handbrake and ShutterEncoder you should be able to convert without any noticeable loss of quality. ShutterEncoder has a much newer, easier to use interface actually.
But if transcoded at high Q bitrates you should not see any loss for a couple generations. In Handbrake, for instance, use a "near placebo" setting for compression.