The formula for air resistance is $$F_{air}=\frac{1}{2}\rho cAv^2 $$
where $\rho$ is the density of the air, $c$ is the drag coefficient, $A$ is the cross sectional area of the object and $v$ is the speed of the object.
We see that air resistance is independent of mass. So two indentically formed objects (such as a bowling ball and a basket ball) will hit the ground at the same time, if they are both released from the same height and at same time.
However, while the object falls, its speed increases until the air resistance equals the gravitational force on the object. When that happens, the object has reached terminal velocity.
$$F_g=F_{air} $$ $$mg=\frac{1}{2}\rho cAv_{\text{terminal}}^2 $$ $$v_{\text{terminal}}=\sqrt{\frac{2mg}{\rho cA}} $$
We see here that the terminal velocity is dependent on the mass. Meaning that a bowling ball will reach a much greater speed during the fall, than a basket ball.
My question
How is it possible for a bowling ball and a basket ball to hit the ground at the same time?
The bowling ball reaches a much larger travelling speed (terminal velocity) than the basket ball and they both encounter the same air resistance. For me, this is an indication that the bowling ball hits the ground first, but this (apparently) is not the case.