The concept of equivalence has long occupied a central position in translation studies. As languages differ significantly in structure, cultural background, and communicative norms, achieving full equivalence between source and target texts remains a theoretical challenge. Over the decades, scholars have debated whether equivalence is achievable, relative, or even necessary, leading to the development of multiple theoretical models—from formal and dynamic equivalence (Nida), to functional and communicative approaches (Newmark), to pragmatic, cognitive, and discourse-based frameworks (Baker; House). In recent years, equivalence has increasingly been viewed as a multidimensional phenomenon that operates simultaneously at linguistic, cultural, and cognitive levels. This article examines the problem of translation equivalence on three main levels—lexical, syntactic, and pragmatic—drawing on modern linguistic theories and empirical examples from English–Uzbek translation practice.