From the user manual:
"Limiter
Limiter works much like a compressor but with one important difference: where a compressor proportionally reduces the signal when it exceeds the threshold, a limiter reduces any peak above the threshold to the threshold level, effectively limiting the signal to this level.
Limiter is used primarily when mastering. Typically, you apply Limiter as the very last process in the mastering signal chain, where it raises the overall volume of the signal so that it reaches, but does not exceed, 0 dB.
Limiter is designed in such a way that if set to 0 dB Gain and 0 dB Output Level, it has no effect on a normalized signal. If the signal clips, Limiter reduces the level before clipping can occur. Limiter cannot, however, fix audio that is clipped during recording."
"Adaptive Limiter
Adaptive Limiter is a versatile tool for controlling the perceived loudness of sounds. It works by rounding and smoothing peaks in the signal, producing an effect similar to an analog amplifier being driven hard. Like an amplifier, it can slightly color the sound of the signal. You can use Adaptive Limiter to achieve maximum gain, without introducing unwanted distortion and clipping, which can occur when the signal exceeds 0 dBFS.
Adaptive Limiter is typically used on the final mix, where it can be placed after a compressor, such as Multipressor, and before a final gain control, resulting in a mix of maximum loudness. Adaptive Limiter can produce a louder-sounding mix than can be achieved by normalizing the signal.
Note: Using Adaptive Limiter adds latency when the Lookahead parameter is active. The effect is typically used for mixing and mastering previously recorded tracks, not while recording. Bypass Adaptive Limiter while recording."