Lord is an appellation for a person or deity who has authority, control, or power over others, acting as a master, chief, or ruler. The appellation can also denote certain persons who hold a title of the peerage in the United Kingdom, or are entitled to courtesy titles. The collective "Lords" can refer to a group or body of peers.
Charles Pepys, 1st Earl of Cottenham, a Lord Chancellor of the United Kingdom
Lady is a term for a woman who behaves in a polite way. Once used to describe only women of a high social class or status, the female counterpart of lord, now it may refer to any adult woman, as gentleman can be used for men. Informal use is sometimes euphemistic.
John William Waterhouse's The Lady of Shalott, 1888 (Tate Gallery, London, England)