I was looking under the front end of my 1996 zj yesterday and I pulled this out, it was draped over the top of my trackbar and axle. My dad thinks it's part of the jeep I think it's just something I picked up while driving. Looks like a piece of a mudflap to me.

 

Splash shield thing. It is supposed to be held up with a few little push pins. They get old and fall apart. Trash it.

 

Gotcha I already threw it out anyway