For me, 'catch up with' is used with animate objects and is used primarily to talk about meeting and/or talking to someone.
"I need to catch up with my roommate from college."
This means we haven't seen each other in a long time, so we need to learn about how our lives have been by talking.
'catch up on' means that you are behing on something and need to be current.
"I need to catch up on Big Bang Theory."
This means that the newest episode is farther ahead in the series than the episode I need to watch.
"I need to catch up on my work."
Same idea; you are behind on your work and need to fix that problem.
I don't personally use 'catch up with' in situations where I'm chasing someone or something. I would say 'catch' if I'm literally chasing with the intent to capture. If I'm chasing a running mate, for example, I would say, 'catch up to'.