Parameters are like labeled fillable blanks used to define a function whereas arguments are passed to a function when calling it, filling in those blanks. Wiktionary

Roughly, a tuple of arguments could be thought of as a vector, whereas a tuple of parameters could be thought of as a covector (i.e., linear functional). When a function is called, a parameter tuple becomes "bound" to an argument tuple, allowing the function instance itself to be computed to yield a return value. This would be roughly analogous to applying a covector to a vector (by taking their dot product (or, rather, matrix-product of row vector and column vector)) to obtain a scalar. Wiktionary