is there a function in lodash to replace matched item

Question

In your case all you need to do is to find object in array and use Array.prototype.splice() method, read more details here:

var arr = [{id: 1, name: "Person 1"}, {id:2, name:"Person 2"}];

// Find item index using _.findIndex (thanks @AJ Richardson for comment)
var index = _.findIndex(arr, {id: 1});

// Replace item at index using native splice
arr.splice(index, 1, {id: 100, name: 'New object.'});

// "console.log" result
document.write(JSON.stringify( arr ));

<script src="//cdnjs.cloudflare.com/ajax/libs/lodash.js/2.4.1/lodash.min.js"></script>

Seems like the simplest solution would to use ES6's .map or lodash's _.map:

var arr = [{id: 1, name: "Person 1"}, {id: 2, name: "Person 2"}];

// lodash
var newArr = _.map(arr, function(a) {
  return a.id === 1 ? {id: 1, name: "Person New Name"} : a;
});

// ES6
var newArr = arr.map(function(a) {
  return a.id === 1 ? {id: 1, name: "Person New Name"} : a;
});

This has the nice effect of avoiding mutating the original array.

[ES6] This code works for me.

let result = array.map(item => item.id === updatedItem.id ? updatedItem : item)

function findAndReplace(arr, find, replace) {
  let i;
  for(i=0; i < arr.length && arr[i].id != find.id; i++) {}
  i < arr.length ? arr[i] = replace : arr.push(replace);
}

Now let's test performance for all methods:

// TC's first approach
function first(arr, a, b) {
  _.each(arr, function (x, idx) {
    if (x.id === a.id) {
      arr[idx] = b;
      return false;
    }
  });
}

// solution with merge
function second(arr, a, b) {
  const match = _.find(arr, a);
  if (match) {
    _.merge(match, b);
  } else {
    arr.push(b);
  }
}

// most voted solution
function third(arr, a, b) {
  const match = _.find(arr, a);
  if (match) {
    var index = _.indexOf(arr, _.find(arr, a));
    arr.splice(index, 1, b);
  } else {
    arr.push(b);
  }
}

// my approach
function fourth(arr, a, b){
  let l;
  for(l=0; l < arr.length && arr[l].id != a.id; l++) {}
  l < arr.length ? arr[l] = b : arr.push(b);
}

function test(fn, times, el) {
  const arr = [], size = 250;
  for (let i = 0; i < size; i++) {
    arr[i] = {id: i, name: `name_${i}`, test: "test"};
  }

  let start = Date.now();
  _.times(times, () => {
    const id = Math.round(Math.random() * size);
    const a = {id};
    const b = {id, name: `${id}_name`};
    fn(arr, a, b);
  });
  el.innerHTML = Date.now() - start;
}

test(first, 1e5, document.getElementById("first"));
test(second, 1e5, document.getElementById("second"));
test(third, 1e5, document.getElementById("third"));
test(fourth, 1e5, document.getElementById("fourth"));

<script src="https://cdnjs.cloudflare.com/ajax/libs/lodash.js/4.14.1/lodash.min.js"></script>
<div>
  <ol>
    <li><b id="first"></b> ms [TC's first approach]</li>
    <li><b id="second"></b> ms [solution with merge]</li>
    <li><b id="third"></b> ms [most voted solution]</li>
    <li><b id="fourth"></b> ms [my approach]</li>
  </ol>
<div>