Hill Dwaves and Lizardfolk have the same statistical modifiers in Dungeons and Dragons. Hill Dwarf and Lizardfolk have the same stat bonuses. Both have plus 2 to constitution and plus 1 to wisdom. Hill Dwarves are four to five feet tall. Lizard folk are a little larger than humans meaning they are from five feet to a little over six feet tall.
Hill Dwarves have the advantage of having dark vision. They also have Dwarven resilience which means they have better saves when it comes to poison. They have stone cunning which means they have a better chance to know the origins of stonework. Hill Dwarves have Dwarven toughness giving them plus one to their hit points when they go up each level. Hill Dwarves have the disadvantage their speed is only 25.
Lizardfolk are cunning artisans. This means they can harvest bone and hide from a slain beast and create a shield, club, javelin, darts, or blowgun needles. Lizardfolk can hold their breath for fifteen minutes. They have hunters lore. Lizardfolk have natural armor equal to a chain shirt, and they can add their dexterity bonus. Lizardfolk have the ability to have a bonus action attack using their bite.
Which is makes a better character race?
Dark vision is highly over rated. If your party does not all have dark vision, then you need torches. If you want to use Molotov Cocktails, they probably want a torch. The resistance to poison is helpful, but unless your dungeon master uses poison all the time, this is not that meaningful. Stone cunning is interesting, but few dungeon masters make it a key part of their adventures. Speed is a big disadvantage. Hill dwarves slow the party down. The biggest advantage is the increase in hit points. This is a big advantage at lower levels, but as you progress, it is not as important.
Lizardfolk are listed as cold and cunning. This means they could create things from the creatures the party kills, this should include other humans, dwarves, elves, and so on. Unless you are adventuring underwater, holding their breath is not that useful. Hunters lore could be useful, particularly the stealth capabilities. Volos Guide, mentions that Lizardfolk are reptiles. This probably means they are cold- blooded. Adventuring in cold climates a problem. At lower levels, the natural armor and bonus attack make Lizardfolk the better bang-for-the-buck.
Personally, playing a Lizardfolk sounds like a lot of fun. Think of the possibilities of playing a character who looks at the rest of the party as potential lunch.