A theory is developed for interband tunneling in semiconducting carbon nanotube and graphene nanoribbon p-n junction diodes. Characteristic length and energy scales that dictate the tunneling probabilities and currents are evaluated. By comparing the Zener tunneling processes in these structures to traditional group IV and III-V semiconductors, it is proved that for identical bandgaps, carbon based 1D structures have higher tunneling probabilities. The high tunneling current magnitudes for 1D carbon structures suggest the distinct feasibility of high-performance tunneling-based field-effect transistors.