Cheating is ethically and morally wrong. It displays, or develops, a serious flaw in your character.
Cheating can ruin your career. No one trusts a cheat.
Cheating can ruin your personal life. No one trusts a cheat.
As for academic cheating, it can ruin your life and your career, because it is cheating. Please read the three official links below. The least you can expect -- if the Professor is convinced it is relatively innocent -- is a warning. Most likely, you'll get a zero for the assignment. You also may well fail the course.
The more serious consequences ensue if it goes through an official process -- and you do have the right to appeal any decision to the Dean. The appeal may exonerate you. On the other hand, at that level, mention of your cheating may be made ineradicably in your transcript. This may prevent your getting into grad school or other professional development.
I regret having to make up this notice. I've been teaching at the UW since 1975. I've had about 5 instances of cheating from 1975-2009, and 4 more in 2010. One case involved a Music graduate student. It wrecked his career. Others with undergraduates have had serious consequences to the people involved. I've also served as Chair of a high level committee appointed to adjudicate a case of graduate level cheating in another field. In that case, the student's MA degree was revoked, and he was removed from the PhD program (not in Music).