"Buy Information" isn't an official Magic keyword or ability—it doesn't appear on any card or in the comprehensive rules. You may be thinking of a few different things: card draw effects (sometimes flavorfully called "drawing into information"), scry/surveil (which let you peek at your library's top), or social/political deals in Commander where players bargain for knowledge of hidden information like hand contents or hidden voting.
In multiplayer Commander, "buying information" usually refers to the table-talk metagame: trading promises, life, or cards in exchange for someone revealing their hand, intentions, or who they'll attack. These deals aren't enforced by the rules—they're purely honor-based and non-binding, so a player can renege freely.
If you saw this phrase on a specific card or custom set, double-check the exact wording, since it's not standard terminology.