Significado vs. sentido
While both significado and sentido can be translated as meaning in English, they are not interchangeable in Spanish. Significado refers to the literal, dictionary definition, while sentido relates to the interpretation, context, purpose, or sense of something.
Significado
A2Significado is the direct, objective definition of a word, symbol, or concept. It is what you would find in a dictionary and refers to the inherent meaning or significance.
Busqué el significado de la palabra 'nostalgia' en el diccionario.
(I looked up the meaning of the word nostalgia in the dictionary.)
El significado de la bandera de México está relacionado con su historia.
(The meaning of the Mexican flag is related to its history.)
Para ella, ese viejo reloj tiene un significado muy especial.
(For her, that old watch has a very special meaning.)
El profesor nos explicó el significado de la metáfora en el poema.
(The teacher explained the meaning of the metaphor in the poem to us.)
¿Cuál es el significado de las luces en el tablero del coche?
(What is the meaning of the lights on the car's dashboard?)
Sentido
B1Sentido refers to the interpretation, connotation, or purpose of something within a specific context. It is also used to talk about logic, direction, and the five physical senses.
No tomes a mal sus palabras, no lo dijo en ese sentido.
(Don't take his words the wrong way, he didn't mean it in that sense.)
Lo que estás diciendo no tiene ningún sentido.
(What you are saying makes no sense at all.)
Encontrar un sentido a la vida es una búsqueda personal.
(Finding a meaning/purpose in life is a personal quest.)
Esta carretera es de un solo sentido.
(This highway is a one-way street.)
Los humanos tenemos cinco sentidos: vista, oído, olfato, gusto y tacto.
(Humans have five senses: sight, hearing, smell, taste, and touch.)
La frase puede entenderse en un doble sentido.
(The phrase can be understood with a double meaning.)
Perdió el sentido después de caerse por las escaleras.
(He lost consciousness after falling down the stairs.)
Summary
In short, significado is the literal definition of something, the what it is. In contrast, sentido is the contextual interpretation, purpose, or logic, the how it is used or why it matters. Think of significado as the dictionary entry and sentido as its application and interpretation in the real world, which also extends to concepts like direction and physical senses.