Replacing an interactable item with a different interactable item

Could you explain how I could go about swapping game objects that are in the players hands? I am building a menu system (3D carousel) so when the user grabs an item I want to instantiate a new game object and swap it out for the one they just grabbed so they don't remove the original from the menu. I've tried a bunch of things but so far every method has had major bugs.