While the Advanced options of both Volume Rendering and Models modules provides some control over material type and shading for volumes and models respectively, they are fairly limited. For example, from the user interface you can't change the position of the light source to explore different illumination or shading possibilities.
Lights module from the Sandbox extension tries to alleviate these limitations. Like most of the tools in the Sandbox extension, it is usable and quite powerful, but not as finessed as some of the core functions of Slicer. After using this module, if you have ideas about how to improve the usability or functionality, feel free to post it on the Slicer forum (https://discourse.slicer.org) or file an issue directly on its github page
Here is a video that demonstrate the functionality.
We are not going to spend much time on this, but feel free to explore the module in your own time. It might be useful in terms of making the volume rendering animations from Animator module more photo-realistic.