iPSCs are reprogrammed cells. it is generated by overexpressing Yamanaka factors (Oct4/Sox2/Klf4/c-Myc)/OSKM in any cells majorly fibroblast & blood cells. A somatic cell reverts back to a pluripotent stage. Then you can differentiate them into any lineages.
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On the other hand, mesenchymal stem cells are unspecialized cells present in the many parts of the body and have specialized properties of self-renewal, and have the ability to differentiate into multiple lineages. it originates during embryonic development. mesenchymal stem cells can be isolated from adult tissue like bone marrow or adipose tissue & pre-natal tissue like placenta.
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The cell morphology in culture, cell surface markers, culture media, and isolation/generation procedures are different for both cells.
As the name suggests -iPSCs have the potential to differentiate into any of the 3 germ layer thereby being known as "pluripotent".
However, MSCs are "multipotent" in nature and can differentiate into only a specific few cell types as explain here- https://www.rndsystems.com/pathways/mesenchymal-stem-cell-differentiation-pathways-lineage-specific-markers