Chaos Group has released V-Ray for Unreal, so you can now import V-Ray scenes from 3ds Max, Maya, Rhino and SketchUp into the Unreal Editor.

Chaos Group has released V-Ray for Unreal, so you can now import V-Ray scenes from 3ds Max, Maya, Rhino and SketchUp into the Unreal Editor. The tool is said to offer two workflows: you can either render directly inside Unreal using V-Ray and an original material or use the automatic conversion of lights and materials to view in real time. 

There is also V-Ray Light Baking to bake V-Ray lights directly into Unreal with GPU acceleration. Chaos Group states that “unlike other light baking implementations, V-Ray Light Baking maintains V-Ray accuracy, ensuring a lifelike, physically based result for real-time experiences and VR.”

Features:

• The ability to render Unreal scenes with physically accurate, ray-traced lighting.
• The ability to render realistic bounced light using V-Ray’s Brute Force and proprietary Light Cache global illumination algorithms. 
• The ability to render sequences from Unreal’s Sequencer to create ray-traced animated cinematics. Deforming objects can also be rendered using V-Ray Proxy objects.
• The ability to use GPU+CPU Rendering CPUs, NVIDIA GPUs, or a combination of both.
• Compatibility with Unreal’s native foliage system for rendering large environments and landscapes. (Support for animated foliage is promised soon)
• Support for V-Ray Proxies.
• The ability to create Render Elements for compositing.
• Distributed Rendering 

You can get more details here.