Not only can you do this in FileMaker, there's more than one way to produce that result. But in each case, this starts by defining a table in your file as the table of values to be looked up where you have one field with the ID and another with the value to be looked up. You then define a relationship linking that table to the table where you want to see these values being looked up.
Then, in Field Options, there's an auto-enter tab. You can set either an auto-enter calculation or a Looked up value option to do what you describe.
I created a custom function called VLookup that might meet your needs (not a sales pitch - it's free).
You'll need to have FileMaker Pro Advanced (to create your own functions), and it would only work with version 12 or higher (because it uses ExecuteSQL and recursive loops).
Just copy the source code from the following website, and paste it into a new function (called VLookup), using the menu command sequence File - Manage - Custom Functions.