IPA: /səbˈstɪtʃəbl/
KK: /sʌbˈstɪtʃəbl/
Able to be replaced with something else or used in place of another item.
In many recipes, butter is substitutable with margarine.
Substitutable → It is formed from "sub-" (meaning under or in place of) and "stituere" (meaning to place or set). The word refers to something that can be placed in the place of another, hence interchangeable.
Think of something that can be 'placed in the place of' another — 'sub-' means under or in place of, and 'stituere' means to place.