We study equivalence relations \mathcal R(\Gamma\curvearrowright G) that arise from left translation actions of countable groups on their profinite completions. Under the assumption that the action \Gamma\curvearrowright G is free and has spectral gap, we describe precisely when \mathcal R(\Gamma\curvearrowright G) is orbit equivalent or Borel reducible to another such equivalence relation \mathcal R(\Lambda\curvearrowright H) . As a consequence, we provide explicit uncountable families of free ergodic probability measure preserving (p.m.p.) profinite actions of SL_2(\mathbb Z) and its non-amenable subgroups (e.g. \mathbb F_n , with 2\leqslant n\leqslant\infty ) whose orbit equivalence relations are mutually not orbit equivalent and not Borel reducible. In particular, we show that if S and T are distinct sets of primes, then the orbit equivalence relations associated to the actions SL_2(\mathbb Z)\curvearrowright\prod_{p\in S}SL_2(\mathbb Z_p) and SL_2(\mathbb Z)\curvearrowright\prod_{p\in T}SL_2(\mathbb Z_p) are neither orbit equivalent nor Borel reducible. This settles a conjecture of S. Thomas [Th01,Th06]. Other applications include the first calculations of outer automorphism groups for concrete treeable p.m.p. equivalence relations, and the first concrete examples of free ergodic p.m.p. actions of \mathbb F_{\infty} whose orbit equivalence relations have trivial fundamental group.