Another vote for Secret of Mana for me. Also, can games like LttP even be considered action RPG? There is no leveling.
Zelda is pretty much the definition of "Action RPG". Turbo fans are more cosmopolitan, but for %99 of the people who have an opinion of what an ARPG is, they would say Zelda.
For some reason I can't think of a huge number of action RPGs I really like, so I'll go with Ys 1&2. I've cleared it a dozen times at least, I must love it.
Runners up: Fray, the Oasis games, Wind Waker.