You could use Remove and Insert, like so:
Private Sub BtnOK_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles BtnOK.Click
Dim iplace As String = tbxEditor.Text.IndexOf(tbxFind.Text)
tbxEditor.Text = tbxEditor.Text.Remove(iplace, Len(tbxFind.Text)).Insert(iplace, tbxReplace.Text)
End Sub
This way, replacement is one by one on buttonclick.