1. To restore to a former place, position, condition, or the like.
    When you've finished using the telephone, please replace the handset.
    The earl...was replaced in his government. — .
  2. To refund; to repay; to restore; as, to replace a sum of money borrowed.
    You can take what you need from the petty cash, but you must replace it tomorrow morning.
  3. To supply or substitute an equivalent for.
    I replaced my car with a newer model.
    The batteries were dead so I replaced them
  4. To take the place of; to supply the want of; to fulfil the end or office of.
    This security pass replaces the one you were given earlier.
    This duty of right intention does not replace or supersede the duty of consideration. — .
  5. To demolish a building and build an updated form of that building in its place.
  6. To place again.
  7. To put in a new or different place.

The above text is a snippet from Wiktionary: replace
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