Lobe finned versus ray finned fish
Short answer: ray finned fish evolved from from lobe finned fish
Long answer: Lobe finned fish were dominant for a long time in the waters before they climbed up onto land and evolved into you, dear reader. This occurred around 400 MYA (million years ago). Sometime before that, about 348 MYA, ray finned fishes had evolved, but remained relatively small. This was until the permian mass extinction (290-245 MYA), when many lobe finned fish died out, and ray finned fishes (teleosts) were left to flourish and evolve to fill the empty evolutionary niches. The only lobe finned fish left behind today are the elusive coelacanths and lungfish.