Sugar Mama is a pretty woman who you buy expensive clothes and jewelry for, and she goes with you to dinner, movies, vacations, fancy hotels; also known as arm candy.
Sugar Daddy is a wealthy older man who gives money to a man or woman according to his sexual preference for sexual favors and companionship, the women are much younger and much prettier than the Sugar Daddy deserves, but he is loaded with cash, which she has a great liking for.
These are obviously unhealthy relationships that some people have for some strange reason.