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Cameras:

Standard Cameras:

Do Not Convert – Leaves the Cameras in the scene as they are.
Convert to V-Ray Physical Camera – (default) When enabled, converts 3ds Max Target and Free Cameras to V-Ray Physical Cameras.
Convert to Autodesk Physical Camera – When enabled, converts 3ds Max Target and Free Cameras to 3ds Max Physical Cameras (for 3ds Max version 2016 and newer).

Materials:

Turn Standard (Legacy) material opacity to V-Ray Material Refraction – When enabled, converts 3ds Max Standard material opacity settings to refraction settings in a V-Ray Material.

Convert Autodesk Physical Material to V-Ray Material – When enabled, converts Physical Material to V-Ray Material. Note that only V-Ray supported parameters are converted when using this option.

Corona Physical Material

Do Not Convert – Corona Physical Materials are not converted. 
Lean Conversion – Materials are converted keeping the original texture trees. Channel ‘Level’ parameters would be ignored and assumed to be at 1.0 with this option and the conversion needs to be finished manually.
Look-Preserving Conversion – (default) Materials are converted, using multi-texture constructs to better preserve the end result. This might complicate heavy scenes considerably.

Maps:

Convert Materials' Bitmap Loaders to V-Ray Bitmap Loaders – When enabled, Bitmaps are converted to VRayBitmaps.

Convert Nodes' and Modifiers' Bitmap Loaders to V-Ray Bitmap Loaders – When enabled, Bitmaps used in Objects and Modifiers are converted.
Reset Filtering Blur to 1.0 – When enabled, Bitmaps’ Filtering Blur is converted.

Convert all V-Ray Bitmap loaders' textures to.TX format – When enabled, all VRayBitmap textures are converted to .tx.

General Options:

Convert selected nodes only – When enabled, only selected lights, cameras and the materials of selected objects are converted (with applying the other options above for the selection only). If unchecked, the whole scene is converted.

Start Conversion – Starts the conversion process.