Do you have the bind package installed ? Mine is bind-9.4.2-0.3.b1.fc7
The file /etc/named.conf is installed with this package.
After that, if you use the default configuration, bind runs in a jail (chroot) bellow /var/named/chroot/ as rsashok pointed.
But this step is done by the init script. You don't need to edit files below /var/named/chroot by hand. In fact, files from /etc/named are copied over /var/named/chroot every time bind is started by "service bind start" and you will loose your setting if you do that on /var/named/chroot/etc/named.conf.