Correct Answer: HFP

Solution :  Given:
RNZ, VLD, ZJH, DHL, ?

In the above-given letter clusters, add 4 to the place value of the first and third letters and subtract 2 from the place value of the second letter of the previous term to obtain the next term in the series.
RNZ→R + 4 = V; N – 2 = L; Z + 4 = D
VLD→V + 4 = Z; L – 2 = J; D + 4 = H
ZJH→Z + 4 = D; J – 2 = H; H + 4 = L
DHL→D + 4 = H; H – 2 = F; L + 4 = P

So, HFP is the missing term in the series. Hence, the third option is correct. 

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