In this paper, we investigate and compare the performance of single- and multi-carrier modulation schemes for indoor visible light communication (VLC). Particularly, the performances of single carrier frequency domain equalization (SCFDE), orthogonal frequency division multiplexing (OFDM) and on-off keying (OOK) with minimum mean square error equalization (MMSE) are analyzed in order to mitigate the effect of multipath distortion of the indoor optical channel where nonlinearity distortion of light emitting diode (LED) transfer function is taken into account. Our results indicate that SCFDE system, in contrast to OFDM system, does not suffer from high peak to average power ratio (PAPR) and can outperform OFDM and OOK systems. We further investigate the impact of LED bias point on the performance of OFDM systems and show that biasing LED with the optimum value can significantly enhance the performance of the system. Bit-interleaved coded modulation (BICM) is also considered for OFDM and SCFDE systems to further compensate signal degradation due to inter-symbol interference (ISI) and LED nonlinearity.