The main limitations of the VLOOKUP function are: 1. VLOOKUP can only look up values to the right on the lookup_value. i.e. the lookup only works left to right. You’ll need XLOOKUP, or INDEX MATCH for a right to left lookup. 2. VLOOKUP can only perform a vertical lookup across columns. It cannot search across rows. For a horizontal lookup, you’ll need HLOOKUP or XLOOKUP. 3. A VLOOKUP function does not automatically update when a formula is added. 4. By default, the VLOOKUP function does not find an exact match. It returns a #N/A. To return an approximate match using VLOOKUP, you must set the final parameter as TRUE or 1.