Both words suggest original thinking.
"Ingenuity" is related to the word "engineer." It means inventing a clever, new solution to a practical problem. The little tricks called "life hacks" are ingenious. Ingenuity sometimes involves finding a surprising new use for something.
"I can't get this campfire started. I don't have any kindling."
"We have a bag of potato chips. Try using them as kindling, they're full of oil, they should burn well."
"What an ingenious idea!"
Ingenuity is useful, not entertaining. It is a practical talent, not a social skill.
"Wit" can mean verbal playfulness. It means a quick, inventive sense of humor. It is a kind of joking. Instead of using a stock phrase or idiom to say something, a witty person will invent an original, clever way to say it. Wit is amusing to other people. It is a social skill. Wit does not solve problems.