First, you'll need a rack that allows you to split processing into multiple bands. The ones in here might be a good starting point: https://forum.ableton.com/viewtopic.php?f=1&t=199201&view=next
For this, you'll only need a low and high band. The high band gets left alone. In the low band, place a compressor, and set its sidechain input to your kick (or whatever signal you want to duck with). Set the ratio and threshold to taste- if you cut all the low-end out when the kick hits, things might sound unnatural. Also, play with the crossover frequency of your rack– there should be a sweet spot where you're getting a nice bit of extra headroom from the low frequencies ducking, but you're still able to hear the mids/highs of the ducked sound without audible "pumping."