Zelda has a lot of magical abilities at her disposal and her Light Arrow would deal massive damage to Charizard if it connected. Luckily for Chariard, that’s a very big if. Charizard is very quick and and his attacks can be devastating. His Overheat attack would be able to get through her barrier and also overpower Zelda’s fire magic. Zelda would not be able to stop this attack. Charizard wins.
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Not as onesided as you think but Charizard does possess much of the important advantages.
Yes, he’s got the speed and power, which leads to a solid win, but Zelda is definitely no lightweight.