If you have a metric $d$ on a set $X$, then this defines (often called "induces") a topology on $X$ as well, where a set $O$ is open iff $$\forall x \in O: \exists r>0: B_d(x,r) \subseteq O$$ where $B_d(x,r) = \{p \in X: d(x,p) < r\}$ is the metric ball. I'll call this topology (one can check the above defines a topology, in fact the smallest one where all sets of the form $B_d(x,r), x \in X, r>0$ are open) $\mathcal{T}_d$
If we have two metrics $d$ and $d'$ on the same set $X$, then $d$ is equivalent to $d'$ iff $\mathcal{T}_d = \mathcal{T}_{d'}$, i.e. They give rise to the same topology on $X$.
There is a criterion for this that is often useful: $d$ is equivalent to $d'$ iff the following conditions hold:
$\forall x \in X: \forall r>0: \exists r' > 0: B_{d'}(x,r') \subseteq B_d(x,r)$
$\forall x \in X: \forall r>0: \exists r' > 0: B_{d}(x,r') \subseteq B_{d'}(x,r)$
Suppose that the topologies are the same, then to see 1. we let $X \in X$, $r>0$, and note that $x$ is in the interior of $B_d(x,r)$ in the $\mathcal{T}_d$ topology, so it also should be an interior point of that set in $\mathcal{T}_{d'}$ as well, which comes down to the existence of some $ r'$ as stated. To see 2. we use the symmetric argument starting from $\mathcal{T}_{d'}$ etc. And if 1. and 2. hold we get that the topologies are the same: let $O$ be open in $\mathcal{T}_d$. Then $O$ is open in $\mathcal{T}_{d'}$, for let $x \in O$. Then we have some $r>0$ with $B_d(x,r) \subseteq O$, and 1. gives us an $r' > 0$ with $B_{d'}(x,r') \subseteq B_d(x,r) \subseteq O$, so we have found a radius for $x$ w.r.t. $d'$ as well. Similarly condition 2 will gives us the other inclusion.
Now a common way to prove these conditions is when we have global inequalities:
Suppose we have $A, B > 0$ such that $$\text{3. } \forall x,y \in X: A\cdot d(x,y) \le d'(x,y) \le B\cdot d(x,y)$$ then we can show 1. and 2. quite easily: for the first, given $r>0$ we take $s = Ar$ and then $d'(p,y) < s$ implies $d(x,y) \le \frac{1}{A}d'(x,y) < \frac{1}{A}\cdot Ar = r$ showing the inclusion of balls. For the second we take $s=\frac{r}{B}$ and note that $d(x,p) < r'$ implies $d'(x,y) \le Bd(x,y) < B\cdot r'= r$ and we are done once again.
When we have this global inequality 3. we call the metric $d$ and $d'$ strongly equivalent. We have just seen that strongly equivalent metrics are indeed equivalent, and this in a uniform way. The usual example of this phenomenon are the metrics defined on $\mathbb{R}^n$, which are related by inequalities. E.g.:
$$(d_2)^2(x,y) = \sum_{i=1}^n (x_i - y_i)^2 \le \sum_{i=1}^n d_{\infty}^2(x,y) = nd_{\infty}^2(x,y), \text{ so } d_2(x,y) \le \sqrt{n} d_{\infty}(x,y)$$ and also
$$(d_2)^2(x,y) = \sum_{i=1}^n (x_i -y_i)^2 \ge d^2_\infty(x,y) \text{ hence } d_2(x,y) \ge d_\infty(x,y)$$ which shows that $d_2$ and $d_\infty$ are strongly equivalent for $\mathbb{R}^n$ with constants $1$ and $\sqrt{n}$. Similar inequalities exist between $d_1$ and $d_2$, showing these 2 to be equivalent as well (and that makes them all equivalent of course).
A non-example: if $d(x,y) = |x-y|$ is the standard metric on the reals, then $d_t(x,y) = \min(d(x,y), 1)$ ,the so-called truncated metric on the reals are equivalent but not strongly equivalent. The latter holds because if we assume $A,B$ exist such that $$\forall x,y \in \mathbb{R}: Ad_t(x,y) \le d(x,y) \le Bd_t(x,y)$$ then we note that $Bd_t(x,y)$ is only maximally $B$ while $d(x,y)$ can assume arbitarily large values. So this cannot hold for all $x,y$ at the same time. Equivalence is easy to show using either the definition or the criterion, and I'll leave that for you to figure out.