Air grab

From SmashWiki, the Super Smash Bros. wiki

An air grab is the action of grabbing an item while the user is in mid-air. The player must press the Z button right as his character overlaps the item to be grabbed. The air grab can be used to grab items that are on the ground, are falling in mid-air, or have been thrown by another player. In Brawl, air grabs are done by simply pressing the standard attack button or Shield, which will perform the usual action in addition to grabbing the item. They can also be grabbed by the other method.