V-Ray supports the rendering of Caustics effects based on Photon mapping method. It is still a work in progress and has a few limitations(see below). The supported lights are V-Ray Area Plane/Disc lights, VRaySun and 3ds Max Direct lightand Spot lights.
Known limitations:
From file mode (saving and loading) is not supported. Textured lights are not supported. Motion-blurred lights are not supported. Projector maps for 3ds Max standard lights are not supported. Reflection glossiness, Refraction glossiness, and Dispersion are not supported. VRayBlendMtl is Translucent materials - VRayAlsurfaceMtl, VRayFastSSS2 and VRayMtl with translucency set to SSS are not supported.