The answer may be “Both” but some indications suggest that Zephaniah is seeing the coming of Jesus:
“’I will utterly sweep away everything from the face of the earth,’ declares the Lord…’I will cut off mankind from the face of the earth” (1:2-3, ESV).
While Israel was essentially destroyed, leaving only a remnant in exile, the face of the earth was not swept clean nor mankind cut off entirely. This is yet to come, as is the return of Jesus.
“Be silent before the Lord God! For the Day of the Lord is near; the Lord has prepared a sacrifice and consecrated his guests” (1:7).
How near? What is the sacrifice and who are his consecrated guests? I am not sure about the sacrifice, but it could be the world of unbelievers. Ah, but his consecrated guests could be you and I as believers in the Lord Jesus Christ as Son of God, and him crucified, taking away our sins forever!
And how do we become his consecrated guests?
“Seek the Lord, all you humble of the land, who do his just commands; seek righteousness; seek humility; perhaps you may be hidden on the day of the anger of the Lord” (2:3).
What better way to be hidden than to be raptured with our entire family of God, lifted up in perfect unity to him before enactment of God’s final wrath on mankind?
“Therefore wait for me…for the day when I rise up…for in the fire of my jealousy all the earth shall be consumed” (3:8).
This seems to imply the end of the beginning depicted in Revelations. But as violent as this sounds for those who have rejected Jesus as Lord, here is a beautiful image of the perfect unity we strive for until that day:
“For at that time I will change the speech of the peoples to a pure speech, that all of them may call on the name of the Lord and serve him with one accord” (3:9).
This gives me chills – imagine having no language barrier with a believer from another nation, learning of his or her sacrifice in persecution, perhaps, before being lifted up!
What is the aftermath of being “hidden” with God while he executes his judgment on earth?
We return!
“The Lord has taken away the judgments against you; he has cleared away your enemies. The King of Israel is in your midst; you shall never again fear evil…The Lord God is in your midst…he will rejoice over you with gladness, he will quiet you by his love; he will exult over you with loud singing” (3:15, 17).
For those of us who have spent our lives living in the Cycle of disobedience, disunity, warnings, judgment and repentance, only to turn around and start is all over again and again, here is where at last we achieve restoration by the pure, unearned grace of our Lord and Savior!
“’At that time I will bring you in, at the time when I gather you together; for I will make you renowned and praised among all the peoples of the earth, when I restore your fortunes before your eyes…’” (3:20).
Think about it. You and I will be famous and praised among all peoples. And we will do the same for all other people in the family of God. The Day of the Lord results in restoration of God’s children through the never-ending love of God, triggered by our cyclical, ever-improving repentance, arriving at last in the land of perfect unity – forever!