Both are pronouns. 'KARE' means 'HE', 'KANOJO' means 'SHE'.
'KARE(He) WA(is) WATASHI(my) NO TOMODACHI(friend) DESU'.
But if you said it as a noun, 'KARE' would mean 'BOYFRIEND' and 'KANOJO' would mean 'GIRLFRIEND'. Actually we don't use them as pronoun, because we often omit the subject. 'WATASHI NO KARE DESU' means 'He is my boyfriend'.
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