According to a post shared to Twitter by Ryan Shouten, a Microsoft SharePoint MVP, OneDrive for Business senior product manager Stephen L. Rose announced the feature on stage at a SharePoint event on January 13 (via MSPU). Due in "the next couple of weeks," the file restore feature should allow you to restore a file from any point after you've deleted it.
OneDrive already includes file versioning, which allows you to track of changes to everything from PDFs and CAD files to photos and videos, but file restore would apply to deleted files. Details are light for the moment, but file restore could come in handy for accidental deletions or if you find yourself having to recover from malware.
There's no exact date for release, and it's not clear if the feature is intended just for OneDrive for Business users or OneDrive users as a whole. We'll update this post should more information become available.