Seeders are people who already have the complete file. Good torrent etiquite says to share the file, even after you have finished downloading it, until you have uploaded as much as you downloaded, thus seeders keep sharing the file for others.
Leachers are those copying the files. With most torrent clients you are sharing the parts of the file you have already downloaded with others, so while leaching you are also uploading some content. However since internet connections provide much more bandwidth to download rather than upload you will not have a 1/1 ratio by the time you finish downloading the file.
Short and sweet - Seeders have completed the download but are continuing to share it with others, Leechers are in the process of downloading.
All seeds with the exception of the initial seed were at one time a leecher. They are simply leechers that have downloaded 100% of the torrent.
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