A Limiter is a type of a compressor. It has a very high ratio and its main function is to limit the level of sound to a certain threshold. Anything above the set threshold is eliminated and it is used to control the overall mix of a certain song that is being composed.
In case of a limiter, the threshold is an extremely important factor. You need to determine the limit that needs to be set otherwise the sound generated would not be effective.
Compressor is a device that compresses the sound that passes through it by a ratio that is set by the user beforehand. It does not eliminate any sound but compresses it to a certain level as per requirement. This device can be used with musical instruments such as kick drums, bass guitars and snares. They are pre-set on a very low ratio and give an even and a much wider range of sound.