"Here's the catch" = "There's one (often very big) disadvantage/problem"
It's often used when there's an apparently really great offer, as in:
"You can have a place at a very prestigious university, for free. But here's the catch: you need to be able to read, speak and write Japanese and Russian."
"You can buy the latest mobile phone, for just 1 Euro. But here's the catch: you have to sign a 24-month-contract and you'll be able to download only a tiny amount of data."
Does this help?