Bitmap fonts are fonts composed of bitmaps. A bitmap is an array of binary bits--ones and zeros. The computer displays these as black and white pixels on a black and white screen, for example. "Raster" refers to any grid-like array of dots or pixels.
So-called pixel fonts are outline fonts that simulate the appearance of bitmap fonts. Outline fonts are by nature scalable, but pixel fonts are intended to be used only at sizes in which their outlines exactly align with the pixel grid of the computer display.
