Broken Wemos D1 R1 board

Hello,

This is my first ever post on arduino forum.
I have accidentally burnt one part on my arduino board - shown which on an attached picture. Is there a way for my to bypass this part or substitute it with some other? Also it would be nice if someone could explain to me what this part is responsible for.
Thanks in advance.

"what this part is responsible for."

Might be a voltage regulator. Looking at what seems to be the board trace, it looks like the USB + goes thru it to the 5v pin. Did you connect something to the board 5v pin?