If you want to be picky, then #2 is the correct one. #1 isn't that bad, but I wouldn't use it in an essay or an exam. There are some grammatical technicalities there that aren't quite correct.

We're meeting for the first time. Right ? is Correct e.g. A and B just met : A. We are meeting for the first time. Right ? B. Yes, we have never met before :) A and B discuss about a past event : A. We met for the first time on the Christmas eve. Right ? B. Yes. And I was so happy to see you :)