No, they are not related.  Waxworms belong to the family Pyralidae.  They are the larvae of wax moths.  Mealworms are the larvae of the mealworm beetle.  Both waxworms and mealworms are popular commercial pet foods for reptiles, fish and birds.

Citations: http://en.wikipedia.org/wiki/Waxworm
http://en.wikipedia.org/wiki/Mealworms

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