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.