Mechanism: where the two peptides actually differ
BPC-157 is a synthetic 15-amino-acid pentadecapeptide derived from a protective protein endogenous to gastric juice. Published research investigates BPC-157's role in nitric-oxide pathway signaling, growth-factor expression modulation, and angiogenesis in tissue-injury research models. The Biomedicines 2021 review article (PMID 33391174) is a useful entry point for primary-literature mechanism research.
TB-500 is the synthetic fragment corresponding to amino acids 17–23 of the full 43-amino-acid Thymosin Beta-4 protein. Research literature describes its mechanism in terms of actin sequestration — Thymosin Beta-4 is one of the most abundant intracellular actin-binding proteins. The 2007 Expert Opin Biol Ther review (PMID 17192546) and the 2012 Annals NY Academy of Sciences paper (PMID 22737108) cover the relevant research-pharmacology framework.