Finally, a MatchUp actually worth discussing. This Matchup is probably dead even. 50:50.
First things first, yes, we have the CG to 43% on him + Dair/Attack, but as Bloodcross stated, he has a CG of his own, which could lead to an early 30% immediately, so careful not to get grabbed at 0%. The thing that really makes the MatchUp a pain is the fact that he can kill us way earlier than we can kill him. Bair sweetspot is easily Pit's best kill move with Fsmash being a close 2nd. Don't get greedy going for the kill at early percent because he can punish with dash attack and dash attack actually kills at later percentages, so watch out.
Let's talk about Angel Ring. Or, Pit's Side B. When used on stage, it's easily punishable with reflector or maybe even jab. When used off stage, it goes right through our Firebird which could lead to an early gimp if the Pit gets you at the right angle. Even if it doesn't hit you, Side B has a wind hitbox, so you'll get pushed back which will lead to an edgeguard. As far as offstage game is concerned, we get wrecked pretty hard, so I would suggest you stay on stage for the duration of this matchup. If you get knocked off of the stage, you WILL eat a barrage of arrows, so make it back onto the stage as quickly as possible.
Moving on to camping, each character has a good camping game. They both have reflectors, and Pit's nair actually serves as a DEflector. Falco's lazers come out faster, but Pit's arrows do more damage. Plus, they can be angled, so even if you try to reflect it, they could just be reflected straight up. I don't believe one can outcamp the other, so it's pretty much based on who has more patience after that.
What most Pits will try to do is ledge camp. They will follow this format:
Ledge drop > Arrow > Fair onto stage
Ledge Drop > Arrow > Regrab ledge
If you try to approach, you will get ***** by Uair. The best thing to do is stay a little back while waiting for Pit to get back onto the stage, reflecting his arrows in the process. They'll try to mix it up, so don't always anticipate the arrow. You will get punished if you try reflecting everything.
As far as close game is concerned, jab does work. Pit's jab isn't bad either, so don't sleep on that. His Fsmash also comes out ridiculously fast, so that will definitely get you killed early if you're not cautious. Just try to keep him away and don't get too aggressive in this matchup. Mix it up with your short hops and don't get predictable. Reflector and jab will help a good bit in this matchup.
This character may be underrated, but he can't be sleeped on. It's 50:50.