The West Bank/Gaza Palestinians are descended from people who've lived in those lands for centuries, sometimes milennia- some are actually descended from the Israelites.
Whether they count as an ethnicity or not- and it's not clear if Israeli Jews count as a single "ethnicity", given that among them are Ashkenazim(people from Central Europe, the Baltics and the Western portions of the old Tsarist Empire), Sephardim (people whose ancestry is in the Iberian Peninsula, southern France, Italy and onward into Greece) and Mizrahim(people from the Southern Meditarranean countries, Israel/Palestine, the Levant, and the Persian Gulf into Iran) plus more recent communities from places like Ethiopia and India.
The only way to bring this conflict to an end is to agree that it doesn't matter who was on these lands first- what matters is that both of the broad national communities share deep roots in these lands, neither are alien to them, and that whatever arrangements end up being made- we all know the "Jordan is the Palestinian State/ They could just LEAVE" option is discredited and extinct- two states- still at least the most practical short-term option one state- which would be the idea, but at this point there is too much bad blood on both sides and years of reconciliation work would need to be done to make it happen- or something like a Belgium-style confederation with nationality-specific assemblies for each group combined with a joint assembly for all, which would be a good interim model at the least- there needs to be something like the concept of "parity of esteem" that they used to bring the violent portion of the Northern Irish "Troubles" to an end.
In other words, it doesn't work for either side to scream "we're totally right and YOU need to admit you're totally wrong and leave". The end of this conflict can't be achieved with a surrender treaty, neither side is Nazi Germany or Imperial Japan, and the truth is looking to be that Israel/Palestine may be the place where the 19th Century idea of the "nation-state"- an idea that did nothing but soak large sectors of the world in blood throughout the 20th Century and continues to do so in the 21st- goes to die.
What is needed is compromise and a guarantee that no side is made to play the role of the vanquished party in this, no one is humiliated and made to "lose face".
What matters isn't who "wins"- winning, as we used to know it, isn't possible in this. What matters is how we get to the point where the battles keep being fought and a desire for retribution for the results of the previous battles keeps being sought.
The goal should be to make this the last generation of Israelis and Palestinians who ever feel they have to pick up a gun and kill those of the same generation on the other side.