(Measure passed House, amended, roll call #402 (258-127)) Gila Bend Indian Reservation Lands Replacement Act - Requires the Secretary of the Interior to pay $30,000,000 ($10,000,000 for each of FY 1988 through 1990) plus interest to the authorized governing body of the Tohono O'odham Nation of Arizona (the Tribe), if such Tribe assigns to the United States all right, title, and interest in 9,880 acres of land within the Gila Bend Indian Reservation to be used for the benefit of the San Lucy District. Reserves hunting, fishing, and gathering rights in such land to the Tribe. Permits the Tribe to withdraw ground water from Reservation lands not assigned to the United States. Authorizes appropriations. Requires the Tribe to invest such sums in interest-bearing deposits and securities. Allows the governing body of the Tribe to spend the principal, interest, and dividends for land and water acquisition and economic development in the San Lucy District. Provides that the Secretary shall not be responsible for the review, approval, or audit of the use and expenditure of such sums, nor shall he be liable for claims that arise from such use and expenditure by such Tribe. Authorizes the Tribe to acquire a specified amount of private lands. Requires the Secretary, upon the request of the Tribe, to hold in trust for the benefit of the Tribe private lands acquired by the Tribe. Deems such trust lands to be a Federal Indian Reservation. Requires the Secretary to establish a water management plan with respect to such acquired lands. Requires the Secretary to make payments in lieu of real property taxes to the State of Arizona with respect to such acquired lands. Authorizes the Secretary to satisfy such taxes by transferring public lands (including lands within the Gila Bend Indian Reservation) to the State of Arizona. Requires the Secretary, upon the request of the Tribe, to deliver water (at no cost to the United States) through the main project works of the Central Arizona Project to such acquired lands. Requires the Secretary to carry out the obligations under this Act if, within a specified time, the Tribe executes a waiver of all claims for injuries to land or water rights (including both surface and ground water rights) with respect to the lands of the Gila Bend Indian Reservation.