To delete a font first open the font settings up by clicking the little settings icon found at the end of your activated font items.
Once the font settings modal popup is open, you can find a little delete (icon) button in the bottom left hand corner. Clicking this will remove the font from the activated fonts section, and if it was a custom font will also delete the file from our servers.
This cannot be undone and the font file will be removed for good.
In regards to deleting Google fonts, it will simply remove any font settings assigned to the font, and place it back in the bottom section list of the Google Fonts