The `replace` method in `django.template.Variable` class is a function that allows you to replace a specified substring within a string value of a template variable. It takes two arguments - `old` and `new`, representing the substring to be replaced and the new substring that will replace it, respectively. This method returns a new template variable with the specified substring replaced by the new substring. It is useful when you need to modify the value of a template variable before rendering it in a Django template.
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