Lead Time - is the time the customer experiences between placing the order and the delivery of the product or the service. In other words it is the average time that a product/unit needs to flow through a process from entry to exit including delays. Lead time is for the delivery of the product/service.
Cycle Time - Time spent in specific task for one unit – commonly presented as hours per unit. (or minutes per unit). It is calculated as the time spent between start and end of a specific task for one unit. Each step within a process will have its own cycle time.
An application oriented question on the topic along with responses can be seen below. The best answer was provided by Rajesh Chakrabarty on 21st November 2017.