From comment:
but if I do not know the text between the delimiters?
So it sounds like the replacement values are positional.
Best way to do this is a regular expression appendReplacement
loop:
public static String replace(String input, String... values) {
StringBuffer buf = new StringBuffer();
Matcher m = Pattern.compile("\\|{2}(.*?)\\|{2}").matcher(input);
for (int i = 0; m.find(); i++)
m.appendReplacement(buf, (i < values.length ? values[i] : m.group(1)));
return m.appendTail(buf).toString();
}
Test
String toConvert = "I ||am|| a ||small|| string.";
System.out.println(replace(toConvert, "could be")); // "small" is retained without markers
System.out.println(replace(toConvert, "could be", "bigger"));
System.out.println(replace(toConvert, "could be", "bigger", "better")); // "better" is ignored
Output
I could be a small string.
I could be a bigger string.
I could be a bigger string.
solved Replace multiple substrings between delimiters in Java