They are synonymous, and means women.
However, nowadays young women don't prefer মহিলা, most of them picture an 50 up old women by this word.
নারী in this case mostly taken as symbolic word of feminine. It convey much freedom and is not limited into any age.
However, it will become weird if you interchange them in some case.
Example : There is a women looking for you.
It will sound really weird if you say নারী।