Exact ground states of a spin-1/2 Ising-Heisenberg model on the Shastry-Sutherland lattice with Heisenberg intradimer and Ising interdimer couplings are found by two independent rigorous procedures. The first method uses a unitary transformation to establish a mapping correspondence with an effective classical spin model, while the second method relies on the derivation of an effective hard-core boson model by continuous unitary transformations. Both methods lead to equivalent effective Hamiltonians providing a convincing proof that the spin-1/2 Ising-Heisenberg model on the Shastry-Sutherland lattice exhibits a zero-temperature magnetization curve with just two intermediate plateaus at one-third and one-half of the saturation magnetization, which correspond to stripe and checkerboard orderings of singlets and polarized triplets, respectively. The nature of the remarkable stripe order relevant to the one-third plateau is thoroughly investigated with the help of the corresponding exact eigenvector. The rigorous results for the spin-1/2 Ising-Heisenberg model on the Shastry-Sutherland lattice are compared with the analogous results for the purely classical Ising and fully quantum Heisenberg models. Finally, we discuss to what extent the critical fields of SrCu2(BO3)(2) and (CuCl)Ca2Nb3O10 can be described within the suggested Ising-Heisenberg model.