Any modern band that comes close to Mahavishnu Orchestra ?

Nothing that I can find.
I saw Jeff Beck after McLaughlin and the Mahavishnu Orchestra opened the show and I was blown away! I was there to see Jeff Beck and he was great but John McLaughlin just stood there in all white and blew everyone away! Blow by Blow was a great album but I was about worn out after the opening of John McLaughlin and the Mahavishnu Orchestra fusion! Wow!! Al Di Meola is great and how about Leo Kottke I have never heard anyone play like these guy's?  And if you want to listen to some Blues how about Buddy Guy and Luther Allison if you want to hear some great guitar!! All the young players chase the masters and try to improve the sound good luck with that! The 70's still rule when it comes to the super groups of any generation period.
Lots of great recommendations here!  While not same-for-same as Mahavishnu but generally jazz-fusion, look into Snarky Puppy!

If you are attracted to the musical fusion of different styles and cultures and stellar musicianship, please find them on YouTube and go from there...hold on to your seat!

The extended soloing Cream and Mahavishnu featured that some posters above have decried comes from John Coltrane’s "sheets of sound" style of lengthy soloing that explored the tune being played to the point where you could hardly find any connection to the original melody at all. Yet, many times, the playing did manage to come back to the song itself, but there have been occasions where, particularly under the guise of "free jazz," it sounded like there was more self indulgent noise than actual music being played. Ymmv.

Studio recordings of the Mahavishnu Orchestra were obviously structured with shorter pieces and no long solos. The Inner Mounting Flame, Birds Of Fire and Lost Trident Sessions are the 3 played by the original group, with Apocalypse and Visions of the Emerald Beyond by the second one, featuring Jean-Luc Ponty in place of Jerry Goodman. The original ensemble also released a live album, Between Nothingness and Eternity, with a second disc of it being released by Columbia as part of a 2011 Mahavishnu Complete Columbia Albums Collection. If you've not heard all of these, you should, although Apocalypse is by far the weakest of the bunch.

Advice for similar sounding music would lead to hearing the post MO recorded output of Messrs Goodman, Cobham and Hammer as well as to The Dregs (once known as the Dixie Dregs), whom Goodman played with as well. There are many musicians out there with the skills the band had back in the day, but few have the emotion and fire-Al Dimeola being a prime example.
Nice post, ethiessen1.  I think it should be added that the second group, with Ponty, had none of the original members except John.  With mostly different material and sometimes with strings and horns in tow, it was an entirely different animal IMO.  Great stuff, but for the most part nothing like the first group.
Inna, Mclaughlin's pre-Mahavishnu acoustic release "My Goal's Beyond" is a milestone in realm of modern guitar recordings.  It changed the direction of jazz guitar as much as the original Mahavishnu Orch.  set the stage for all the fusion bands, good and bad, that followed.