“A play on words that are either identical in sound or very similar in sound, but are sharply diverse in meaning” is -

Pun, also called paronomasia, humorous use of a word in such a way as to suggest different meanings or applications, or a play on words, as in the use of the word rings in the following nursery rhyme:

Ride a cock-horse to Banbury Cross,
To see a fine lady upon a white horse;
Rings on her fingers and bells on her toes,
She shall have music wherever she goes.

অর্থ্যাৎ, Pun হল একই ধরণের উচ্চারণের একটি শব্দের ভিন্ন ধরণের অর্থ নিয়ে খেলা।

Source: Britannica.com