Dash for the panties!

Link had gone underwater, and there was no one else around to see her, so Zelda took her chance to run back to the rocky outcropping she had left her clothes behind. (And also to escape the expanding stench cloud). Zelda ran with long strides that hiked up her tunic, exposing her to anyone who happened to be nearby.

Unfortunately, when she reached the outcropping, she found herself face to face with a rather horrific sight. A quite large animal had apparently been here in her absence, and her clothes were now buried under a colossal mound of dung. Even if she could still see the panties she left behind, she wasn't sure she would still want to wear them.

Unfortunately, Link chose that moment to call for her, once again sending her brain into panic mode. There was no retrieving cover without digging through the dung. Without cover, Link would definitely see everything when they were swimming. Part of her was just telling her to give up, run over there, and stop trying to hide her lack of panties. After all, there was no point to covering up if Link was just going to see her anyway. Another part of her was willing to do 'anything' to retain her modesty. No matter how disgusting.