Nala is considered the princess in The Lion King. She is the daughter of Sarafina, and while her father is never explicitly named, she is considered royalty in the Pride Lands and eventually becomes queen when she marries Simba.
While the film doesn't explicitly label her a "princess," her royal lineage through her close association with the Pride Lands' ruling family, and eventual status as queen, fulfills the traditional princess archetype. She plays a crucial role in the film, encouraging Simba to return to the Pride Lands and reclaim his throne, ultimately leading to a return to prosperity and balance in the kingdom. Therefore, Nala is the de facto princess of The Lion King.