Depending on the variant (not available on Ranger XL models), the available selectable drive modes1 2 can include:

Normal: Intended for everyday use on-road and calibrated to deal with normal on-road conditions
Eco: This mode maximises fuel economy by reducing throttle sensitivity and upshifting gears earlier and adds a more economical cruise control tune (Not available Ranger Raptor)
Tow/Haul: This mode is designed to be used when towing or carrying a heavy load and optimises gear shift timing to maintain power delivery and engine braking in hilly terrain, it also increases steering weight for improved control. (Not available on Ranger Raptor)
Slippery: For use in extremely slippery conditions, like wet grass, gravel or snow, with the engine and transmission optimised to reduce wheel spin with a faster acting traction control setting for enhanced grip and control in low-grip situations
Mud/Ruts³ : For use in off-road situations, this mode is designed to help maintain vehicle momentum but still allow for some wheel slip to assist in clearing mud from the tyre tread. Don’t use this mode when driving on a hard-packed surface as you could damage your vehicle’s driveline. (Standard on Sport, Wildtrak and Raptor models)
Sand³ : Another off-road only mode, Sand is designed to be used in both sand and deep snow conditions and delivers optimised power delivery, gear shifts and stability control to maintain vehicle momentum and minimise braking distances. Don’t use this mode when driving on a hard-packed surface as you could damage your vehicle’s driveline. (Standard on Sport, Wildtrak and Raptor models)
Rock Crawl³ (Ranger Raptor Only): This off-road only mode provides optimal traction and control rocky surfaces. When selected, the system will prompt the vehicle to be placed in low range. Throttle response becomes heavily damped in this mode for smooth driving. Rear electronic differential lock is available in this mode. Don’t use this mode when driving on a hardpacked surface as you could damage your vehicle’s driveline
Baja³ (Ranger Raptor Only): This mode is designed for off-road performance. Stability and traction controls are reduced, the active-valve exhaust system activates its loudest mode and the dampers are set to ‘off-road’ with throttle and transmission response made faster
Sport (Ranger Raptor Only): For sporty driving with improved performance handling and response. This mode increases accelerator pedal response and provides a sportier steering feel. The powertrain system holds onto lower gears longer, helping your vehicle accelerate faster.

It’s worth noting that when switched off, your will default to Normal Drive Mode.