CZ applies a phase to the $|11\rangle$ state. Symmetric two-qubit gate (control and target are interchangeable).
Matrix:
$$\text{CZ} = \begin{pmatrix} 1 & 0 & 0 & 0 \\ 0 & 1 & 0 & 0 \\ 0 & 0 & 1 & 0 \\ 0 & 0 & 0 & -1 \end{pmatrix}$$
Action: $|ab\rangle \to (-1)^{ab}|ab\rangle$ (applies $-1$ phase to $|11\rangle$).
CZ and CNOT are related via Hadamards on the target:
$$\text{CZ}_{01} = (I \otimes H) \text{CX}_{01} (I \otimes H)$$
$$\text{CNOT} = (I \otimes H) \text{CZ} (I \otimes H)$$
Either can be converted to the other using two Hadamard gates, so CNOT and CZ have equivalent power.