Scholarship = bolsa de estudo
Fellowship = bolsa de pesquisa

Scholarships and fellowships are very similar. They are both grants of money to help you get an education. The money can be paid directly to you, or to the institution, on your behalf.-A scholarship is designed to help you pursue undergraduate or graduate studies at a college or other educational institution. Scholarships are generally given with the requirement that the student enroll in a particular course of study and may require certain outcomes.

A fellowship is designed to help you pursue your studies—or some form of research. They are generally given with less stipulations and are typically awarded based on prior qualifications and achievements.

Some scholarships and fellowships do require a commitment of service after the award period. For example, NASA sometimes requires a student to work at a NASA center following graduation for a period of time in recompense for receiving the fellowship.
Source: Proz.com