def METHOD_NAME(cls, value: str) -> Tuple[str, Dict[str, str]]:
    """Parse the value passed to the lookup.
    This overrides the default parsing to account for special requirements.
    Args:
        value: The raw value passed to a lookup.
    Returns:
        The lookup query and a dict of arguments
    Raises:
        ValueError: The value provided does not match the expected regex.
    """
    args: Dict[str, str] = {}
    try:
        args["codec"], data_or_path = value.split(":", 1)
    except ValueError:
        raise ValueError(
            f"Query '{value}' doesn't match regex: "
            rf"^(?P<codec>[{'|'.join(CODECS)}]:.+$)"
        ) from None
    return read_value_from_path(data_or_path), args