A little planning helps get some great action shots. If you can, get someone to shake that favorite toy while you take pictures.

If your camera is an autofocus type (rather than a fixed focus) turn that feature off because it will take so long to identify where the cat is that it will be too late. Pick an average focal point as to where the cat will be and go with it. A fixed-focus camera won't have a problem.

Use a flash but be sure the surface behind the subject isn't too reflective (like a mirror). You don't want to see the flash in the picture! The shutter speed is fast with a flash so it will stop motion.

So you tease the cat who's sitting on the back of the couch into leaping about 6 feet / 1.8m off the floor for the toy that has disappeared but WAS where his eyes and paws are before he jumped and you get a picture like this: