Like so
{assign "find" array('pno', 'error_1', 'error_2')}
{assign "repl" array('personal number error', 1, 2)}
{assign "text" 'error_1 and pno and error_2 are friends'}
{$text|replace:$find:$repl}
btw: dont'cha rather do it through a controller and in tpl files use final values?
EDIT
how to make it to replace the exact match only, for example if the $text is 'pno', then replace it, but if the $text is 'pnopno', then do nothing?
In that case, you can use regular expressions, however, it is not possible in an array (as far as I know) and you need to do it step by step, or rather a command after command.
Regarding of replacing pno and not pnopno, you need to figure out your own regular expression to suit your needs.
{assign "text" 'error_1 and pno and error_2 are friends'}
{$text|regex_replace:"/(\s)(pno)(\s)/":"personal number error"|regex_replace:"/(error_1)/":"1"|regex_replace:"/(error_2)/":"2"}