Where can I change the timezone in Microsoft Outlook for Android?

Unfortunately up to the writing of this answer, there is no option or setting on the Outlook app for Android to change the timezone directly from the app. To change the timezone, you must do it from Outlook on the web. There are threads such as provide instructions on how to change the time zone in this application and Time Zone Support for Calendar from Uservoice opened in 2018 and 2015 repectively, but the Outlook team has not provided the options yet.