What is a play on words involving the use of words with similar sounds but different meanings?

A play on Words involving similar sounds but different meanings is called a pun. For example, the phrase "Time flies like an arrow; fruit flies like a banana" uses the similar sounds of "flies" and "like" to create a humorous twist between the concepts of time and fruit. Puns often rely on the double meanings of Words to elicit humor or cleverness in language.