Paragon is a term used to describe a person who does good deeds,actions,will sacrifice his life for someone else,will help for the people who need help,someone who has a good "karma".
Renegade is a term used to describe a person who is mean,swears,unpleasant to be with,vulgar,will rather use guns than politics,only cares about himself,will stomp on the weaker ones,and has a bad "karma".
Both of these terms are from the mass effect series.
Person A:How's your shepard?
Person B:High paragon, on my second playthrough i'll make him Renegade.
Person A:My shepard is paragon and renegade.