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Some heroes win fights by outlasting you: they heal, regenerate or shield every time you trade. A few items cut that sustain.
A hero that heals, regenerates HP or stacks shields gets back much of what you deal, so an even trade ends in your loss.
Items with the Lifebane passive reduce the target's Shield and HP Regen effects after you damage them. That is how the game data words it. It does not mention lifesteal or spell vamp, so this guide does not claim Lifebane cuts those.
Numbers and effects below are the in-game text from our database, not typed in by hand.

Attack item ยท 2050g
An attack item with Lifebane, so it suits physical damage dealers.
Lifebane. Dealing damage to a target will reduce the Shield and HP Regen effects on them to 60% of normal for 3s. Increase damage by 8% against enemy heroes with higher extra HP.

Magic item ยท 2150g
A magic item with Lifebane that also burns the target for a share of their max HP.
Scorch / Lifebane. Scorch: Burn target for 3s, dealing Magic Damage equal to 1.5% of the target's Max HP per second. | Lifebane: Upon dealing damage to the target, reduces Shield and HP Regen of the target by 50% for 3 seconds.

Magic item ยท 2010g
A magic item with Lifebane, for mages who want the effect.
Gift / Lifebane. Gift: Regenerates 20% Max HP and Mana over 2s after leveling up. Lifebane: Dealing damage to a target will reduce the Shield and HP Regen effects on them to 50% of normal for 3s.

Defense item ยท 2010g
A defense item: its effect triggers when its owner takes damage, so it fits the hero who gets attacked.
Arctic Cold / Lifebane. Taking damage will reduce the Attack Speed of the attacker to 80% of normal for 1s. Taking damage will reduce the Shield and HP Regen effects of the attacker to 50% of normal for 1s.

Defense item ยท 1860g
The opposite of what you want to buy: it increases the Shield and HP Regen effects its owner receives, so an enemy with it is a good reason to buy Lifebane.
Bless. Received Shield and HP Regen effects are increased by 30%.
What this does not know