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Bicep and terraform are two Infrastructure as Code (IaC) tools:
Bicep is the Domain Specific Language (DSL) that allows for declarative deployment of Azure resources, so yes, this is an IaC tool that is native to Azure. Anything that you can do with an ARM template you can do with Bicep (and more!). As soon as a new resource is added into Azure, it is immediately supported by Bicep.
Terraform is an open-source tool that uses HCL (Hashicorp Configuration Language), which is based on Golang, which many people find one of the most easily learned IaC languages. Terraform comes with a lot of benefits that makes it a popular choice.
Terraform can be used with any cloud and on-prem resources. While it requires a different template, you can use the same language and formatting to deliver IaC to any environment. The reality is most organization are multi-cloud and configured in a hybrid model, this is where Terraform shines.
Hope this helps!
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