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Palming an Object is to hide it while you still have it in hand. In this case you are Hiding and Object, but not necessarily Stealing it.
Stealing an Object is to take an Object from another Creature. In this case you are Stealing the Object, but not necessarily Hiding it.
You Palm a Dagger so a Guard doesn't know you're armed.
You Steal a Dagger from a Guard, he may, or may not notice you doing so and you may or may not succeed.