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What are the terms of embedding Helvetica into a mobile application? Is it different than web-based embedding?

How about another one? Coolvetica? The 1990s spin-off? Pretty sure they aren't owned by the same corporations...

Anyways, what penalties will one face if either are found in use in your mobile application? Do you need a specific license? If so, where can one find it?

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You need a license from Linotype (for either Helvetica or Coolvetica)

Yes there is a specific "App" license, see:

https://www.linotype.com/1308886/helvetica-family.html

I can't say what the penalties are, but you will at bare minimum be forced to buy the appropriate license.

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