Lists and tuples are two types of data structures in Python that are used to store collections of items. Both are ordered sequences of elements, but there are some fundamental differences between them.

Lists:

A list in Python is a mutable data structure that stores a collection of elements that can be changed. It is defined using square brackets [ ] and elements are separated by commas. Lists can contain elements of different data types, such as strings, integers, floats, etc.

Here is an example of creating a list in Python:

my_list = [1, 2, 3, ‘four’, ‘five’]

We can access elements of a list by using their index numbers. In Python, indexing starts from 0. Elements of the list can be modified by assigning new values to them. We can add or remove elements from a list using different methods such as append(), extend(), and insert().

Tuples:

A tuple is a immutable data structure in Python that stores a collection of elements that cannot be changed. It is defined using parenthesis ( ) or without them, and elements are separated by commas. Tuples can contain elements of different data types, such as strings, integers, floats, etc.

Here is an example of creating a tuple in Python:

my_tuple = (1, 2, 3, ‘four’, ‘five’)

We can access elements of a tuple by using their index numbers. In Python, indexing starts from 0. However, since tuples are immutable, elements cannot be modified, added or removed from the tuple.

The key differences between lists and tuples are:

1. Mutability: Lists in Python are mutable, meaning that we can add, delete or modify elements of a list. Tuples, on the other hand, are immutable, meaning that once a tuple is created, we cannot add, delete or modify elements.

2. Syntax: Lists are defined using square brackets [ ], whereas tuples are defined using parenthesis ( ).

3. Performance: Lists require more memory because they are mutable and can be increased or decreased when needed. Tuples, since they are immutable, require less memory compared to lists.

In conclusion, both lists and tuples are important data structures in Python programming. If we need a collection of elements that are unchangeable, we should use tuples. If we need to store a collection of elements that we can modify or update, we should use lists.