This is a fight between Link and the boss of fire temple, Volvagia. As you can see Link is carrying the Megaton Hammer, the main item in this temple, and he is wearing the Goron Tunic, which enables to survive to high temperatures.
I hate you. I hate you so much, Volvagia. Forget having him burn up into ashes. I want to take this thing's corpse back to the Gorons and tell them "Make me a suit of armor out of this bastard's hide."
I love the art style in this one, and how Link's face is so much more detailed than the rest of the picture, like all the focus is directly on him. The blurred foreground gives it a remarkably realistic appearance. A very nice picture.
you know, they give Volvagia a bigger role in the Manga version of OoT.
when he was still young, Link bought him as a baby and set him free and they became best friends. then ganon comes into power, corrupts the drake and turns him against Link, who has to kill his friend. and the ending to their fight in the manga... i cried. i cried for real. that's the first time anything made me cry.