replace-v; 2 Senses

Sense Number 1: substitute, switch or supplant

NOTE: Should be used when one entity (concrete/abstract/specific/general/person etc) is replaced by another entity (even if the latter is not explicitly mentioned in the sentence)

He replaced the old razor blade.
We need to replace the secretary that left a month ago.
Cars replaced the horse and buggy.
You can substitute brown sugar for white sugar in that recipe.
The museum believed the original Van Gogh had been switched with a fake.

VerbNet: exchange-13.6
FrameNet: Replacing,Take_place_of
PropBank: replace.01
WordNet 3.0 Sense Numbers: 1, 2, 3

Sense Number 2: restore or return

NOTE: Should be used when a single entity is restored to some original location (usually, if not always, concrete)

Please replace the clean dishes back in the cabinet when you have washed them.
Replace the book on the shelf after you have finished reading it.
John replaced the receiver on the phone.

VerbNet: NM
FrameNet: NM
PropBank: NM
WordNet 3.0 Sense Numbers: 4