
austauschen
to replace
To replace something old, defective, or unsuitable with something new or different.
Der Mechaniker muss den platten Reifen am Auto austauschen.
The mechanic has to replace the flat tire on the car.
to replace / exchange
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to replace
To replace something old, defective, or unsuitable with something new or different.
Der Mechaniker muss den platten Reifen am Auto austauschen.
The mechanic has to replace the flat tire on the car.

to exchange ideas
To talk with one another in order to share information, ideas, or opinions.
Die Kollegen treffen sich regelmäßig, um sich über neue Projekte auszutauschen.
The colleagues meet regularly to exchange ideas about new projects.

to exchange
To hand over objects, prisoners, or similar things to each other mutually.
Die Kinder tauschten auf dem Schulhof ihre Sammelkarten aus.
The children exchanged their trading cards in the schoolyard.
'Austauschen' (to replace / exchange) is a separable verb. The prefix 'aus-' comes at the end in a main clause. In subordinate clauses and in the infinitive, the verb stays together.
Ich tausche die alte Batterie aus.
I replace the old battery.
In the meaning 'miteinander reden' (to talk with one another), the verb is always used reflexively: 'sich austauschen' (to exchange ideas). The preposition 'über' (+ accusative) indicates the topic of the conversation.
Wir sollten uns bald über die neuen Pläne austauschen.
We should exchange ideas about the new plans soon.
When replacing something, you use the structure: 'etwas (Akkusativ) austauschen' (to replace something [accusative]). To name the new part, you can add the preposition 'gegen' (+ accusative).
Können Sie bitte die leere Druckerpatrone austauschen?
Could you please replace the empty printer cartridge?
to replace / reimburse
Ersetzen and austauschen can both mean replacing a defective object with another one. Austauschen emphasizes removing the old object and installing the new one, while ersetzen describes the substitution more generally. With a specific component, either word is often possible.

Der Techniker tauscht das defekte Kabel aus.
The technician is swapping out the defective cable.
Der Techniker ersetzt das defekte Kabel.
The technician is replacing the defective cable.