I want to replace certain words in text files. Specifically English spelling of words with the American spelling. I have two arrays of the spellings which are ordered the same i.e. 

list\_1=['cosy', 'carat', 'cheque']  

list\_2=['cozy', 'karat', 'check'] 

Am I able to search a text file for elements in list\_1 and substitute with respect to the elements in list\_2?