Hub centric wheels have a center bore that match the size of the center hub of the vehicles axle. This aides in installation as the wheel can be centered correctly on the hub and also adds an extra point of stability for the wheel.
Lug centric wheels are centered on the axle as you tighten the lug nuts. It is vital that you tighten lug nuts on any wheel in a cross pattern and torque them to your manufacturer suggested torque rating. It is even more important to tighten lug centric wheels in a cross pattern to ensure proper alignment and torque.