Open the toolbox drawer for the lock you are changing. If you do not have a key for the lock, you need a drill. The bit size does not matter much, as long as it is thinner than the lock itself. Drill a hole straight through the lock. Be careful not to drill more than an inch if there is anything inside the toolbox you do not want to risk damaging. After you drill a hole in the lock, it no longer functions and you can open the toolbox.
Unscrew the nut holding the old lock in place. Pull the lock straight out once the nut is removed.
Insert the new lock into the lock hole. If it does not fit, then you probably have the wrong lock model. The lock should fit perfectly in place.
Tighten the nut around the back of the lock to secure it in place.
Close the drawer. Test the lock to make sure it locks and unlocks properly. If the lock is not working properly, it is probably not correctly in place. Make sure the nut is fully tightened to hold the lock in the proper position.