A vault is the basis for almost every movement used in parkour and are extremely common in free running. A vault is the process of passing over an obstacle, such as railing, with the aid of your hands.
Free running has a much wider range of common vaults, as the only requirement is that they are aesthetically pleasing without necessarily being efficient. Common vaults in free running are the kong, as it is often linked to other moves, and vaults which involve twists, such as the reverse vault. An extensive list can be found here.