Yes of course. But for that, the file needs to be locally available. If shared path then should be mapped to a network drive. I've tried performing it with "\\170.21.4.3..." kind of links but haven't been successful so far. So, can't guarantee if there's a way for that or not. For this, you'll need the path in three pieces to do a VLOOKUP.
1. Path without Filename but ending with a backslash. Say B2 stores this path. Then B2 = C:\Users\cOdEsLiZeR\Desktop\
2. File name. Say C2 stores file name. Then C2 = TestParent
3. Sheet name and range. Say D2 stores this details then D2 = Sheet1'!$B$2:$C$10
** Please note, the single quote after sheet name but its not available before it.
Then if the referencing value is available in E2, the VLOOKUP formula would come up something like this:
=VLOOKUP(E2,INDIRECT(CONCATENATE("'",B2,"[",C2,"]",D2),TRUE),2,0)
Here, you must note: the single quote as the first element in CONCATENATE as the path passed is like
'C:\Users\cOdEsLiZeR\Desktop\[TestParent]Sheet1'!$B$2:$C$10
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