IPA: /ˈpærənɪm/
KK: /ˈpɛrənɪm/
A word that is derived from another word and has a related meaning, often differing slightly in form or pronunciation.
The words 'affect' and 'effect' are paronyms because they are related in meaning but have different uses.
Paronym is formed from "para-" (meaning alongside or beside) and "onym" (from Greek "onoma", meaning name). The word refers to words that are derived from the same root or are similar in form but differ in meaning, thus existing alongside each other in the realm of language.
Think of words that are 'alongside' ('para-') each other in name ('onym') but have different meanings — that's what paronyms are.