Yes, a cracked stone veneer panel can usually be repaired by removing just that section and replacing it with matching stone, without redoing the whole wall, as long as the crack is limited to that area and the substrate behind it is still sound. If the substrate or flashing behind the veneer has failed, that has to be addressed first or the new stone will crack again in the same spot.
The repair starts with removing the damaged stone and the mortar around it, which also gives the mason a chance to check what's behind the panel, the weather barrier, flashing, and substrate, for any water damage that might have caused the crack in the first place. Only once that layer checks out sound does replacement stone go back in, matched for color and texture and mortared to blend with the surrounding joints.
If the crack traces back to ongoing movement in the framing or an active water leak behind the veneer, swapping the stone alone won't hold. The underlying cause, whether that's a drainage gap, missing flashing, or a structural movement issue, has to get fixed too, or the same panel is likely to crack again after another freeze-thaw cycle or two.
Matching can be the trickier part of the job depending on the stone. Natural stone is usually easier to source a close match for, while cultured stone panels are made in production runs that can be discontinued, which sometimes means sourcing the closest available color and texture or pulling a matching piece from a less visible part of the same wall.
A limited crack repair like this is usually a much smaller undertaking than most homeowners expect, closer to the size of a single-brick swap than a full re-veneer. The scope only grows if the inspection behind the panel turns up water damage or if the cracking turns out to be spread across a wider section of the wall rather than one or two panels.
More on this from Chelo's Brick & Stone.
Chelo's Brick & Stone serves Hillsville, Galax, Wytheville, Fancy Gap, and Independence, VA. Call for a straight answer and a free on-site estimate.