The words baloney, bologna sound the same but have different meanings and spellings. Why do baloney, bologna sound the same even though they are completely different words?
The answer is simple: baloney, bologna are homophones of the English language.
Variant of bologna.
Used to express disagreement or exasperation.
A seasoned smoked sausage made of mixed meats, such as beef, pork, and veal.
Definitions from The American Heritage® Dictionary of the English Language, 4th Edition and Wordnik.
Homophones (literally "same sound") are usually defined as words that share the same pronunciation, regardless of how they are spelled.