Twilio's Lookup API has expanded its capabilities with the release of Version 2 (V2), now in Public Beta. The new features and enhanced geographic coverage aim to improve deliverability, mitigate risk, and provide a better user experience. V2 offers improved support for formatting, validation, line type, carrier, and caller name lookup, as well as new features like SIM swap and call forwarding detection. Key differences between Lookup V1 and V2 include the use of a different API URL, additional response fields, and enhanced error handling. The transition to V2 is encouraged for new development, with guidance provided on migration requirements, best practices, and FAQs.