We address the interplay between two fundamentally different wave-packet localization mechanisms, namely, resonant dynamic localization due to collapse of quasienergy bands in periodic media and disorder-induced Anderson localization. Specifically, we consider light propagation in periodically curved waveguide arrays on-resonance and off-resonance, and show that inclusion of disorder leads to a gradual transition from dynamic localization to Anderson localization, which eventually is found to strongly dominate. While in the absence of disorder the degree of localization depends critically on the bending amplitude of the waveguide array, when the Anderson regime takes over the impact of resonant effects becomes negligible.