The V-Ray Shadow Catcher is a Matte object, that is not directly visible in the scene but shows the received shadows. This tool is ideal for achieving a photorealistic render by compositing a 3D object with a shadow on top of the environment map or the backdrop.
The Make Shadow Catcher tool creates a VRayObjectProperties tag with a matte preset. Select the object that will be a shadow catcher in your scene and then select the Make Shadow Catcher tool to add such properties.