Travel time versus road capacity
Think of data as cars on a road. Latency is how long one car takes to arrive. Bandwidth is how many cars the road can carry each second.
A wide motorway can carry many cars, yet each car may still have a long journey. Likewise, a connection can carry plenty of data while making you wait for a reply.
When each matters
Bandwidth matters when moving lots of data, such as downloading a film. Latency matters when you need a quick response, such as during a game or video call. Websites can reduce delays by serving files from a nearby CDN.