They are confused a lot, and not related closely. Their similarly is an example of convergent evolution.

Palms produce flowers and therefore fruit. Cycads produce strobili, or cones, like pines, spruces, firs, etc. The "pineapple" like texture of the bark represents individual past leaves. They form a helicoid pattern, whereas palms have a more traditional trunk like appearance.

Cycads be cool yo. Their megastrobili, the female cones can be quite huge and have a garish color that almost makes them look spray painted.

The male cones, microstrobili, often look like they're hanging dong.