Definitions from Wiktionary (replace)

▸ verb:  (transitive) To restore to a former place, position, condition, etc.; to put back.
▸ verb:  (transitive) To refund; to repay; to pay back.
▸ verb:  (transitive) To supply or substitute an equivalent for.
▸ verb:  (transitive) To take over the position or role from.
▸ verb:  (transitive) To take the place of; to be used instead of.
▸ verb:  (transitive) To demolish (a building) and build an updated form of that building in its place.
▸ verb:  (transitive, rare) To place again.
▸ verb:  (transitive, rare) To put in a new or different place.
▸ Also see replace

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