In V-Ray, an image sampler refers to an algorithm for calculating a pixel's color based on the colors within and around it.
Each pixel in a rendering can have only one color. To get the color of a pixel, V-Ray calculates it based on the object's material, direct light striking the object, and indirect lighting in the scene. But within a single pixel there might be multiple colors, which may come from multiple objects whose edges intersect at the same pixel, or even difference in brightness on the same object due to changes in object shape or falloff and/or shadowing of light sources.
To determine the right color for such a pixel, V-Ray looks at (or samples) colors from different parts of the pixel itself as well as the pixels around it. This process is called image sampling. V-Ray includes two main image samplers, each with its own approach to sampling and its own parameters: Progressive and Bucket.