"The Last of Us" is possibly the best game I have ever played and features extraordinary lighting (no doubt a big part of why I love it). It's a remarkable achievement considering the Playstation 3 is something like eight years old - this game really squeezes the utmost out of the hardware.
Naughty Dog use a proprietary render engine which features HDR, God Rays, depth of field, lens flares, and dynamic light sources. They also use a global illumination approach that is a hybrid of realtime computation and pre-baked lightmaps.
Technology aside, there was clearly a very strong creative team driving the visuals. The art direction is superb, and the lighting artists approached the work with great sensitivity. Many of the environments are lit only by ambient bounce lighting, requiring subtlety and skill to effectively light. The interactive lighting, such as the convincing bounceback of coloured light from surfaces struck by the characters' flashlights, helps make the game immersive.
There's lots of great exposition of the motion capture process and cinematographic choices as well.