Is Hispanic/Latino a race or ethnicity or what?

Rebecca • 19, college student

I don't mean to sound ignorant, I just don't know. On social media I see a lot of people arguing about what it means to be hispanic and latino and spanish, and I just use all those terms interchangeably because I'm confused. So can someone once and for all explain to me the difference between the three?

*Update* Are Brazilians Latino even though they speak Portuguese? And is Latin America just South America?