A software developer tool used to detect the inappropriate usage of memory regions.
A "Bounds Checker", in the computing world, is a tool used to analyze a program, either through static code inspection or through direct testing of the running program, in order to ensure that all references to data objects are done according to their proper rules. In particular, memory buffer usage does not overflow nor underflow the memory buffer's allocated space. Such tools are often used in the search for memory leaks and other such flaws in running programs.
The name probably derives from the product BoundsChecker, originally produced by Nu-Mega Technologies in the early 1990s.