The lens analysis utility is the primary tool V-Ray supplies for creating, previewing, and editing of V-Ray lens files (*.vrlens), and contains a camera distortion analyzer, and a tool for correcting/distorting images. The VRLENS files can be used in Houdini, 3ds Max, Maya etc. to provide realistic (measured) camera distortion (as opposed to the simple quadratic and cubic modes). The VRLENS format also supports zoom lenses, and the distortion parameters are linked to the focal length of the V-Ray Physical Camera. So, as the camera is zoomed in and out, the distortion parameters are automatically varied. This provides for a very realistic level of camera distortion simulation.
Currently, on all operational systems the lens_analyzer.exe is located in V-Ray's folder (where the V-Ray files are extracted) > appsdk > bin.