Reasons for VLOOKUP #value error
The #Value error occurs when one of the cells referred to contains more than 255 characters. In the example below, the lookup value in A14 contains over 255 characters and the net effect is that the VLOOKUP returns a #value error.
This can happen when you are using unique references that have lots of characters. A more likely case is where you are using multiple criteria by concatenating cells to create a unique lookup value.