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In this tutorial, the function `pandas.replace` is introduced, which is used to replace values in a DataFrame. It starts off simple but can become more complex and powerful. The tutorial demonstrates importing pandas as pd and creating a DataFrame with three columns (x, y, z) and five rows. The initial example shows how to replace all instances of the value 2 with 20. By using the method `dataframe.replace`, the tutorial illustrates how to specify the value to be replaced, allowing for efficient data modifications across the entire DataFrame.