Battle of the bad 80s kid shows! I personally think that TMNT would win because they have weapons and actually know REAL martial arts. Also no um... zords? Whatever NO GIANT ROBOTS ALLOWED! Hand to hand combat with weapons only.
If both parties are aware of the other, the Power Rangers win. They're just too powerful to be beaten by the turtles. Not only do the Power Rangers have some weapon-resistant armor, they have guns. Simply having a gun puts you pretty high on the "who would win in a fight?" rankings. Maybe there's a lesson to be learned from that.
If the turtles get the drop on the Rangers, cuz, ya know, they're ninjas, the Rangers don't stand a chance. They are powerless when not in ranger mode or whatever.