When you first arrive in Kakariko Village, you’ll find the painter Pikango working on a masterpiece near the pond across from the main house. He’ll tell you about the Great Fairy Fountain nearby.
Talk to him and ask him to take you there. He’ll lead you up the hill on the north side of town and past Tal’oh Naeg shrine, but then he’ll run out of steam.
Continue on without him, and take the left fork in the path. This will lead you straight to the Great Fairy Fountain. If you’re careful when you arrive, you can crouch and collect some fairies from the area around the fountain. (They’ll revive you when you die and restore some hearts.)
Walk up and examine the seed pod-looking structure in front of you. You’ll need to fork over 100 rupees to actually meet the Great Fairy (but it’s worth it because she is currently our favorite NPC). Getting her to come out of her shell (seedpod?) allows you to upgrade your armor, in exchange for some monster parts.
Before you leave, snap a picture of the fountain with your camera rune ability to take back and show to Pikango to close out his quest.