Old youtube tutorial: Rendering for VR
VR capabilities are available through the Corona Camera. Currently, Corona is capable of rendering a single file containing two spherical (equirectangular), cylindrical, or cubemap images for both eyes. The rendered output can be used directly with the software supporting such format or should be manually edited if that's required.
Corona Camera options with the Projection & VR rollout opened.
Corona VFB with a stereoscopic spherical image visible.
Please note that, as of the moment of writing, Corona does not yet support rendering left/right VR panoramas and only top/bottom is available.
Examples of VR Corona Renderer images using different settings - [forum thread]