Integrating Artificial Intelligence (AI) within Industry 4.0 has propelled the evolution of fault diagnosis and predictive maintenance (PdM) strategies, marking a significant shift towards smarter maintenance paradigms in the mechatronics sector. With the advent of Industry 4.0, mechatronic systems have become increasingly sophisticated, highlighting the critical need for advanced maintenance methodologies that are both efficient and effective. This paper delves into the confluence of cutting-edge AI techniques, including machine learning (ML) and deep learning (DL), with multi-agent systems (MAS) to enhance fault diagnosis precision and facilitate PdM in the context of Industry 4.0. Specifically, we explore the use of various ML models, including Support Vector Machines (SVMs) and Random Forests (RFs), and DL architectures like Convolutional Neural Networks (CNNs) and Recurrent Neural Networks (RNNs), which have been effectively oriented to analyses complex industrial data. Initially, the study examines the progress in AI algorithms that accelerate fault identification by leveraging data from system operations, sensors, and historical trends. AI-enabled fault diagnosis rapidly detects irregularities and discerns the fundamental causes, thereby minimizing downtime and enhancing system reliability and efficiency. Furthermore, this paper underscores the adoption of AI-driven PdM approaches, emphasizing prognostics that predict the Remaining Useful Life (RUL) of machinery. This predictive capability allows for the strategic scheduling of maintenance activities, optimizing resource use, prolonging the lifespan of expensive assets, and refining the management of spare parts inventory. The tangible advantages of employing AI for fault diagnosis and PdM are showcased through a case study from authentic mechatronics implementations. This case study highlights successful implementations, documenting real-world challenges such as data integration issues and system interoperability, and elaborates on the strategies deployed to navigate these obstacles. The results demonstrate improved operational reliability and cost savings and shed light on the pragmatic considerations and solutions that facilitate the adoption of AI and MAS in industrial applications. The paper also navigates the challenges and prospective research avenues in applying AI within the mechatronics domain of Industry 4.0, setting the stage for ongoing innovation and exploration in this transformative domain.