bewaffnet
armed
Carrying one or more weapons.
Der Bankräuber war maskiert und bewaffnet.
The bank robber was masked and armed.

armed
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armed
Carrying one or more weapons.
Der Bankräuber war maskiert und bewaffnet.
The bank robber was masked and armed.

'Bewaffnet' (armed) is the past participle of the verb 'bewaffnen' (to arm). This derives from the noun 'die Waffe' (weapon). The prefix 'be-' here has the function of equipping someone with something.
Die Polizei war schwer bewaffnet.
The police were heavily armed.
The adjective 'bewaffnet' (armed) is almost always used with the preposition 'mit' (with) and the dative to indicate what someone is equipped with. This applies to both the literal and the figurative meaning.
Der Täter war mit einem Messer bewaffnet.
The perpetrator was armed with a knife.
Whether the literal or figurative meaning is intended can be recognized from the noun after 'mit' (with). If it is a weapon (pistol, knife), the meaning is literal. With other things (camera, patience, knowledge), it is figurative.
Die Wanderer waren mit Karte und Kompass bewaffnet.
The hikers were armed with a map and compass.
prepared / armed
'bewaffnet' and 'gerüstet' can both express that someone is equipped for a situation. The most important difference is in how they are used: 'bewaffnet' normally means that someone is carrying a weapon. In a figurative sense, it can also mean that you have something useful with you, such as arguments. 'gerüstet' usually means that you are well prepared and have everything necessary. The literal meaning involving armor and weapons sounds rather historical today. Learners may confuse the words because both have to do with equipment. In everyday language, 'gerüstet' fits better for preparation; 'bewaffnet' fits better when actual weapons are meant, or when you figuratively have something like arguments with you.

Die Polizei suchte nach einem bewaffneten Mann.
The police were looking for an armed man.
Mit warmen Kleidern und einer Karte ist die Gruppe gut für die Wanderung gerüstet.
With warm clothes and a map, the group is well prepared for the hike.