Reside and live are almost the same and can be used interchangeably. Dwell can mean the same but generally it means more like, "to hang about" as in lingering, it is not necessarily as long term as living or residing.

Dwell can also be used to describe thoughts (to dwell on a thought means to keep thinking about something).

Reside: to live somewhere long-term, often with the assumption that you own the house (or apartment, etc). "For several years I resided in Tokyo, before I moved to Kyoto".
Dwell: similar to reside, but not always long-term. Not as commonly used. Can also mean to linger on a subject.
Live: similar again. Can be more long-term. If you say you live somewhere, you mean you are staying there. "I live in an apartment near the grocery store" or "I live in Canada now."

I'm sorry if this isn't clear. They are all pretty similar.

Dwell is more formal and often biblical/spiritual/abstract. "He dwelt in the land of Canaan." "Aliens dwell among us." It is also more temporary. "He dwelt there for a time, then moved on." Reside is more formal than live and less formal than dwell. Reside implies having an established home. "He resides in the town of Hampton." You might dwell in a tent, but you reside in a house. Live is informal and catches all the different meanings pretty well, but it is less specific. "He lives in Hampton."

good