I have a DataSource bound to a LookUpEdit. For example I have 2 columns FirstName and LastName and I want to set DisplayMember property to these two columns.
I found that I should subscribe to lookUp_CustomDisplayText() and edit display text property like this:
private void lookUpCompanyPerson_CustomDisplayText(object sender, CustomDisplayTextEventArgs e)
{
LookUpEdit edit = sender as LookUpEdit;
if (e.DisplayText != "")
{
e.DisplayText = e.DisplayText + " " + (string)e.Value;
}
}
but I did not understand what e.Value is and I want to display another column for selected row, not the valuemember of selected row.
This is how I bind the datasource to lookupedit:
private void populateComboBoxForCompanyPerson()
{
lookUpCompanyPerson.Properties.ForceInitialize();
bs = new BindingSource(myDataSet, "CompanyPerson");
lookUpCompanyPerson.Properties.DataSource = bs;
lookUpCompanyPerson.Properties.DisplayMember = "CompanyName";
lookUpCompanyPerson.Properties.ValueMember = "PersonID";
this.lookUpCompanyPerson.Properties.Columns.Add(new LookUpColumnInfo("PersonID"));
this.lookUpCompanyPerson.Properties.Columns["PersonID"].Visible = false;
this.lookUpCompanyPerson.Properties.Columns.Add(new LookUpColumnInfo("FirstName"));
this.lookUpCompanyPerson.Properties.Columns.Add(new LookUpColumnInfo("LastName"));
this.lookUpCompanyPerson.Properties.Columns.Add(new LookUpColumnInfo("CompanyName"));
}
And this is what my datasource looks like: 
From the DevExpress documentation:
e.Valuegets or sets editor’s current value.e.DisplayTextgets or sets an editor’s display textYou want to set the
e.Valueto the value that you want to display in the control.Finally, here are some useful pages with more documentation: