"It just ended, lasted for two hours," the source said without adding further details.
The information was later confirmed by a member of the Iranian delegation.
The ministers were expected to confer on the Iranian nuclear program negotiations.
Earlier in the day, Zarif said he would hold bilateral meetings in Munich with representatives of the P5+1 group of international mediators, including French Foreign Minister Laurent Fabius, German Foreign Minister Frank-Walter Steinmeier and UK Foreign Secretary Philip Hammond.
Earlier reports indicated that Zarif was likely to hold a one-on-one meeting with Russian Foreign Minister Sergei Lavrov, but no official confirmation was made.
The annual Munich Security Conference is taking place February 6 to 8. The conference is an international discussion forum to promote cooperation in countering global security issues.