A coreflective subcategory is a full subcategory whose inclusion functor has a right adjoint (a cofree functor):
The dual concept is that of a reflective subcategory. See there for more details.
Vopěnka's principle is equivalent to the statement:
For a locally presentable category, every full subcategory which is closed under colimits is a coreflective subcategory.
This is (AdamekRosicky, theorem 6.28).