Virtual Reality environments are created by immersive VR technologies, and have no physical existence. Consequences tend to be limited to information changed, deleted, added, or updated (not that that is minor). IVR environments usually cause mental stress, but may cause physical stress under the right conditions. High fidelity virtual environments are difficult to produce, expensive, and often dangerous. Neural Laces can be implanted to provide full VR through direct brain-computer interfaces, but there are many medical risks. VR exoskeleton chambers provide whole-body interaction for vision, hearing, and touch, and are much more common. These are quite expensive, but nothing like implants.
Virtual spaces are generated by a computer of some sort and are fully separate from meatspace (a.k.a., In Real Life, or IRL). Creating a completely artificial world is both easier and harder than AR. Eliminating the need to integrate with real-world events makes it much easier. Having to provide a lag-free rich and convincing environment for the 'reality' is much harder. VR rigs are most commonly used in full-immersion gaming - up to and including full-body VR suits that make it possible to "hammer a nail over the internet." These environments are manipulated using metaphorical programming interfaces.