Pagination is the process of breaking up your website into different sequenced pages. In this case, infinite scroll is exactly what it sounds like. A long never ending scroll page. While a nice scrolling home page is good, pagination is typically the way to go. Infinite scroll is prone to breaking, especially in browsers like Safari.
Industry knowledge tip: The Baymard Institute is a research center that uncovers what designs cause usability issues, how to create the best user experiences, and measures how your UX performance stacks up against leading e-commerce sites. They recommend pagination as well and they are a great resource for benchmarking knowledge.