Yes, it looks for a key in the first column of the range and returns its corresponding value in the other column. In order to use the formula, start typing =VLOOKUP in the desired cell, select the formula that appears and fill it in with the required data:
VLOOKUP (lookup_value, table_array, col_index_num, [range_lookup])
where lookup_value is the value to search in the first row of the range;
table_array is the range in which you want to search. The first column in the range must contain the value of the lookup_value argument;
col_index_num is the number of the column from which to return the value. The first column of the range is number 1;
[range_lookup] is optional. Boolean value that determines the type of search: TRUE or FALSE (Also, value 1 corresponds to the value True, 0 is False).