Central spin models, where a single spinful particle interacts with a spin environment, find wide application in quantum information technology and can be used to describe, e.g., the decoherence of a qubit over time. We propose a method of realizing an ultracold quantum simulator of a central spin model with XX (spin-exchanging) interactions. The proposed system consists of a single Rydberg atom ("central spin") and surrounding polar molecules ("bath spins"), coupled to each other via dipole-dipole interactions. By mapping internal particle states to spin states, spin-exchanging interactions can be simulated. As an example system geometry, we consider a ring-shaped arrangement of bath spins, and show how it allows to exact precise control over the interaction strengths. We demonstrate that this setup allows to realize a central spin model with highly tunable parameters and geometry, for applications in quantum science and technology.