Toon Link, a character simlar to Pit in his own right. Excellent projectile game, average ground game and a pretty good aerial game, all of these similarities may sound like you're playing a mirror match but you'd be a bit of a way off in that assumption.
Toon Link has 3 projectiles, Bombs, Arrows and a Boomerang. Most of the time these would overwhelm other characters and lend towards his advantage in most matches, but it's a slightly different case with Pit. Pit's two reflectors in conjunction with his own projectile, Palutena's Arrow, will keep Toon Link's projectile game at bay but don't let this fool you into thinking the matchup will be easy as it's far from.
Close range combat is just about average for both characters, and the winner here will mostly be determined by who is the more experienced player, however, Toon Link does have some nice options for close ranged fighting. His jab combo which helps him with spacing and his U-Tilt easily combos into a variety of other moves. Toon Link's Smashes also come out relatively fast but are for the most part fairly predictable and can be avoided. Fsmash is comprised of two hits with the second hit being the "killing blow". You can DI out of the second hit though and there is some lag before Toon Link actually does the second slash, so there is enough time to jab or grab him provided you shielded the first hit. Usmash is Toon Link's main kill move and it is relatively fast but after you reach about 100% or so you can expect it to be more frequently used so act accordingly.
Toon Link strongest points in this matchup lie in his mid range arsenal which will mostly consist of Toon Links aerial attacks and the occasional Bomb tossed around from time to time. All of Toon Link's aerials have some purpose to expect to see them mixing them up to throw you off. Bair is Toon Link's best comboing aerial/move and can easily rack up damage if you aren't careful. It can also combo into his Dair which can spike you, so be on the look out for that. It should be noted that Pit's Uair can outprioritize Toon Link's Dair but only if the blades of your attack are the only thing that connect with Toon Link's blade, otherwise you'll be on the recieving end of the attack, and that might not go so well, especially if you're off stage for some reason. Toon Link's Fair and Uair are normally used as kill moves, but keep in mind Fair can also be used to combo into itself at lower percentages and Zair which autocancels is generally used for spacing. Pit has his own good options for mid range play, Angel Ring, retreating Nairs and Fairs are all work well if spaced correctly but, you're definitely going to be at a disadvantage if you try to take on Toon Link at this distance and you should be better off retreating once you find yourself in such a position.
Pit gains somewhat of an advantage when it comes to edgeguarding but Toon Link is definitely no slouch and can gimp an unprepared Pit with relative ease with his own WOP of Bairs and his myriad of projectiles to take out Pits Up B. Toon Link also has great horizontal movement and excellent vertical movement with his UpB as well as a tether recovery so he definitely has a variety of ways of getting back to the stage. Aim to take out his second jump with an Arrow then try proceed to WOP him off the stage is the easiest way to go from Pits point of view, yes it sounds generic and fairly easy, but Toon Link is a small target for your Arrows and has quite a few ways of making it back to the stage as previously mentioned, there is also the issue of his Dair which can spike you if you mistime one of your off the stage Fairs, so be careful when attempting a WOP. Your Mirror Shield can also reflect his recovery but it carries him so high he might just make it back to the stage anyway or you will still be forced to hug the ledge to prevent him from grabbing it on his fall.
Overall the matchup is mostly about spacing and the amount of pressure each side can apply to the other and really just a test to see who is the more skilled player. However in terms of characters this matchup is more or less even.