So once the guy in the Bomb Suit blows you up, you can take revenge.
We have confirmation of local and online competitive multiplayer in The Legend of Zelda; Tri Force Heroes.
In an interview with IGN, game director Hiromasa Shikata detailed the Coliseum, a local or online battle mode that confines two or three competitors in a small, transforming arena. Items will be dropped into the arena to help players deal damage, and the player that has taken the least amount of damage at the end of the time limit will be declared the winner.
Since clothing customization is a big part of the game, some of the higher level pieces of equipment will be confined to the Coliseum in order to encourage play. Specifically, Shikata said that the coliseum rewards would be used to create "clothes that are highly beneficial to competing."