First and foremost, if it's a very-high-risk binary... you would have to set up an isolated physical machine, run the binary, then physically destroy the HDD, the motherboard, and basically all the rest. Because in this day and age, even your robot vacuum can spread malware. And what if the program already infected your microwave through the pc speaker using high-frequency data transmit?!
But, let's take off that tinfoil hat and jump back to reality for a bit.
No virtualization, quick to use: Firejail
It is packaged already on Ubuntu, it is very small, has virtually no dependencies.
How to install on Ubuntu:
sudo apt-get install firejail
Maintainer: Ubuntu Developers <email@example.com>
Original-Maintainer: Reiner Herrmann <firstname.lastname@example.org>
Depends: libc6 (>= 2.15)
Description-en: sandbox to restrict the application environment
Firejail is a SUID security sandbox program that reduces the risk of
security breaches by restricting the running environment of untrusted
applications using Linux namespaces and seccomp-bpf. It allows a
process and all its descendants to have their own private view of the
globally shared kernel resources, such as the network stack, process
table, mount table.
I had to run a similar "untrusted" binary just a few days ago. And my search led to this very cool small program.
Virtualization: KVM, Virtualbox.
This is the safest bet. Depending on the binary. But hey, see above.
If it's been sent by "Mr. Hacker" who is a black belt - black hat programmer, there is a chance the binary can escape the virtualized environment.
Malware binary, cost saver method: Rent a machine! A virtual one. Example virtual server providers: Amazon (AWS), Microsoft (Azure), DigitalOcean, Linode, Vultr, Ramnode. You rent the machine, run whatever you need, then they will wipe them off. Most of the bigger providers bill by the hour, so it really is cheap.