I think it's kind of a sporting expression.  If I'm not mistaken, the quote you refer to involves spotting or spying someone making an error.  That is, you "catch" someone in a mistake.  If you hadn't "caught" him, he might have gotten away with it.  I can't think of a synonym.

In some sports, eg., baseball, they use "good get" as a synonym for "good catch," but it's a fairly new expression.  The difference between this and your example is that in baseball you job is to catch the ball  -   even the difficult ones.  When you catch someone making a mistake, you may or may not be looking for violators.  You may just "happen" to see it.

Of course, "Good catch!" could refer to fishing.