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let's say I minted an ERC721 NFT using smart "contract_one" and it was sold by another contract called "contract_two" in which contract the transfer event will trigger?

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for an event specifically, it depends on your contract's code and where you have defined emit/event.

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Transfer event is by default should be emited by ERC20 and ERC721 smart contract, the standard of ethereum. If your smart contract B is also emitting some event then it is upto that contract structure and design. So, if, let's say, the smart contract B is emitting some event like Sold then both the events are emited in single transaction Transfer event form ERC721 and Sold event contract B.

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