If air resistance can be ignored, then they
both hit the ground at the same time.
In the real world, air resistance will have a greater influence
on the bag of potato chips. It has a large flat area and sharp
edges, whereas the bowling ball is smooth and streamlined.
So the bowling ball will hit the ground first.
This has nothing to do with their WEIGHT. If you drop a
bowling ball and a properly trimmed small airplane off a
cliff at the same time, the airplane weighs more than the
bowling ball, but the bowling ball will hit the ground first.