Cones and rods are both photoreceptors, but they have distinct functions and distributions. While cones are concentrated in the fovea and are responsible for color vision and high visual acuity, rods are more numerous in the peripheral retina and are highly sensitive to low light levels, making them essential for night vision. Rods contain the photopigment rhodopsin, which is sensitive to a broader range of wavelengths, but cannot differentiate colors.