Not everything can be explained like you're 5, but I'll give it a try:
Framework - chain of build time + run time scripts/functions that is opinionated and encapsulates your entire application/business logic. You embed your logic inside the 'mold' framework gives you. You usually do not want to isolate parts of the framework. And if you have previous work, it usually requires a 'surgical operation' to embed that work inside the framework.
Library - Usually a main object/constructor/function that harbors collection of functions that does one thing and one thing well. You are free to mix and match and use parts of it.
I'm not going to say pros and cons. Because I believe I should be able to give the message without mudslinging on either approach (and this is the ethically optimal one I guess).
But if you ask my orientation, I'm more of a library guy with no extremes.