Bagon and chimchar together weigh around 50kg. Add in terminal velocity, and that means that they will go fast, fast, fast, then face a hard stop against a presumably rock solid floor on a surface area of roughly the profile of bagon's tiny hard head, let's say around... 10 square centimeters. All that force applied in such a small surface will focus entirely and be transmitted to bagon's spine, meaning that unless he has a head and spine made out of high-density metal, it will most certainly...
*throws the Bagon statue in the air, it crashes down and splits into several barely recognizable parts*
... shatter at impact.
And Bagon's muscly (according to him, at least) body has nowhere near the amount of mass needed to make that liquefied, disjointed mess a good cushion for chimchar's fall, too, so that means...
*throws the chimchar statue in the air, it crashes down and breaks in a thousand glittery pieces*
... he will shatter even harder.
And if you add flamethrowers, the velocity might be only slightly reduced, unless they can focus the entirety of it in a very small area, and even in that case, the high-velocity impact on what amounts to basically a small pool of magma will... I don't think I need to get graphic with this, right?
Anyway, no matter what, we end up with their mangled bodies combined into a gruesome mix of muscle and bone, maybe burning, maybe not, but all thankfully contained into a fairly large crevice on the ground and not splattered all around.
Because that would be dreadful.