This SSBB papercraft is Princess Peach (aka Princess Toadstool or just Peach), a character from the video game Super Smash Bros. Brawl, and she is usually seen as Mario's damsel in distress, the paper model was created by Sabi96.
Peach was known as "Princess Toadstool" outside of Japan, and she has been known as "Princess Peach" since Yoshi's Safari.
Princess Peach has been a mainstream Mario character since her first appearance in Super Mario Bros., in which Mario had to rescue her from the clutches of the evil Bowser. She usually takes on the role of the damsel in distress, though she has been known to help out Mario on occasion. For example, in Super Princess Peach, it's her turn to save Mario, Luigi and Toad from Bowser. Her first playable appearance, however, was in Super Mario Bros. 2 where she had to help save the dream land called Subcon along with Mario, Luigi and Toad. [Source: ssbwiki]
About this mario paper mode:
You can download this mario paper craft model here: Super Smash Bros. Brawl - Princess Peach Free Papercraft Download