From the manual :
"Although SONAR supports streaming audio at very low latency, there are cases where internal buffering can cause additional latency. The most common scenario is when using plug-ins that require Automatic Plug-in Delay Compensation (PDC).
PDC is the process of delay compensating other normal tracks so they are synchronized with the delayed audio produced by the plug-ins. Whenever delay compensation takes place on a track that has a live input (an input monitored track or synth track), it is delayed by the required amount to synchronize it with other tracks. In some cases, the delay can be noticeable and make live tracking difficult."
There's a PDC button in the mix module of the Control Bar.