diff --git a/CHANGELOG.md b/CHANGELOG.md
index 28fc106bc5..7bf2eda88c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -57,6 +57,8 @@ v1.5.0
 
 - (_Experimental_) Add the `array.combine_maps` function to the stdlib. (@ptodev, @wildum)
 
+- Add a `prometheus.mapping` component to add a label based on a source_label and a mapping table. (@vaxvms)
+
 ### Enhancements
 
 - The `mimir.rules.kubernetes` component now supports adding extra label matchers
diff --git a/docs/sources/reference/compatibility/_index.md b/docs/sources/reference/compatibility/_index.md
index d55681be97..87251c0046 100644
--- a/docs/sources/reference/compatibility/_index.md
+++ b/docs/sources/reference/compatibility/_index.md
@@ -173,6 +173,7 @@ The following components, grouped by namespace, _export_ Prometheus `MetricsRece
 {{< /collapse >}}
 
 {{< collapse title="prometheus" >}}
+- [prometheus.mapping](../components/prometheus/prometheus.mapping)
 - [prometheus.relabel](../components/prometheus/prometheus.relabel)
 - [prometheus.remote_write](../components/prometheus/prometheus.remote_write)
 - [prometheus.write.queue](../components/prometheus/prometheus.write.queue)
@@ -192,6 +193,7 @@ The following components, grouped by namespace, _consume_ Prometheus `MetricsRec
 {{< /collapse >}}
 
 {{< collapse title="prometheus" >}}
+- [prometheus.mapping](../components/prometheus/prometheus.mapping)
 - [prometheus.operator.podmonitors](../components/prometheus/prometheus.operator.podmonitors)
 - [prometheus.operator.probes](../components/prometheus/prometheus.operator.probes)
 - [prometheus.operator.servicemonitors](../components/prometheus/prometheus.operator.servicemonitors)
diff --git a/docs/sources/reference/components/prometheus/prometheus.mapping.md b/docs/sources/reference/components/prometheus/prometheus.mapping.md
new file mode 100644
index 0000000000..744958b1ff
--- /dev/null
+++ b/docs/sources/reference/components/prometheus/prometheus.mapping.md
@@ -0,0 +1,136 @@
+---
+canonical: https://grafana.com/docs/alloy/latest/reference/components/prometheus/prometheus.mapping/
+description: Learn about prometheus.mapping
+title: prometheus.mapping
+---
+
+# prometheus.mapping
+
+Prometheus metrics follow the [OpenMetrics](https://openmetrics.io/) format.
+Each time series is uniquely identified by its metric name, plus optional
+key-value pairs called labels. Each sample represents a datapoint in the
+time series and contains a value and an optional timestamp.
+
+```text
+<metric name>{<label_1>=<label_val_1>, <label_2>=<label_val_2> ...} <value> [timestamp]
+```
+
+The `prometheus.mapping` component create a new label on each metric passed
+along to the exported receiver by applying a mapping table to a label value.
+
+The most common use of `prometheus.mapping` is to create a new label-based filter
+Prometheus metrics or standardize the label set that is passed to one or more
+downstream receivers.
+
+You can specify multiple `prometheus.mapping` components by givin them different labels.
+different labels.
+
+## Usage
+
+```alloy
+prometheus.mapping "LABEL" {
+  forward_to = RECEIVER_LIST
+
+  source_label = "labelA"
+  target_label = "labelB"
+
+  mapping = {
+    "from" = "to",
+    ...
+  }
+}
+```
+
+## Arguments
+
+The following arguments are supported:
+
+Name           | Type                    | Description                                                             | Default | Required
+---------------|-------------------------|-------------------------------------------------------------------------|---------|---------
+`forward_to`   | `list(MetricsReceiver)` | Where the metrics should be forwarded to, after relabeling takes place. |         | yes
+`source_label` | `string`                | Name of the source label to use for mapping.                            |         | yes
+`target_label` | `string`                | Name of the target label to use for mapping.                            |         | yes
+`mapping`      | `map(string,string)`    | Mapping from source label value to target label value.                  |         | yes
+
+## Exported fields
+
+The following fields are exported and can be referenced by other components:
+
+Name       | Type              | Description
+-----------|-------------------|-----------------------------------------------------------
+`receiver` | `MetricsReceiver` | The input receiver where samples are sent to be relabeled.
+
+## Component health
+
+`prometheus.mapping` is only reported as unhealthy if given an invalid
+configuration. In those cases, exported fields are kept at their last healthy
+values.
+
+## Debug information
+
+`prometheus.mapping` doesn't expose any component-specific debug information.
+
+## Debug metrics
+
+* `prometheus_mapping_metrics_processed` (counter): Total number of metrics processed.
+* `prometheus_mapping_metrics_written` (counter): Total number of metrics written.
+
+## Example
+
+You can create and an instance of a see `prometheus.mapping` component and see how
+it acts on the following metrics.
+
+```alloy
+prometheus.mapping "keep_backend_only" {
+  forward_to = [prometheus.remote_write.onprem.receiver]
+
+  source_label = "app"
+  target_label = "team"
+
+  mapping = {
+    "frontend" = "teamA"
+    "backend"  = "teamB"
+    "database" = "teamC"
+  }
+}
+```
+
+```text
+metric_a{__address__ = "localhost", instance = "development", app = "frontend"} 10
+metric_a{__address__ = "localhost", instance = "development", app = "backend"}  2
+metric_a{__address__ = "cluster_a", instance = "production",  app = "frontend"} 7
+metric_a{__address__ = "cluster_a", instance = "production",  app = "backend"}  9
+metric_a{__address__ = "cluster_b", instance = "production",  app = "database"} 4
+```
+
+After applying the mapping a new `team` label is created based on mapping table
+and `app` label value.
+
+```text
+metric_a{team = "teamA", __address__ = "localhost", instance = "development", app = "frontend"} 10
+metric_a{team = "teamB", __address__ = "localhost", instance = "development", app = "backend"}  2
+metric_a{host = "teamA",  __address__ = "cluster_a", instance = "production",  app = "frontend"} 7
+metric_a{host = "teamA",  __address__ = "cluster_a", instance = "production",  app = "backend"}  9
+metric_a{host = "teamC",  __address__ = "cluster_a", instance = "production",  app = "database"} 4
+```
+
+The resulting metrics are then propagated to each receiver defined in the
+`forward_to` argument.
+<!-- START GENERATED COMPATIBLE COMPONENTS -->
+
+## Compatible components
+
+`prometheus.mapping` can accept arguments from the following components:
+
+- Components that export [Prometheus `MetricsReceiver`](../../../compatibility/#prometheus-metricsreceiver-exporters)
+
+`prometheus.mapping` has exports that can be consumed by the following components:
+
+- Components that consume [Prometheus `MetricsReceiver`](../../../compatibility/#prometheus-metricsreceiver-consumers)
+
+{{< admonition type="note" >}}
+Connecting some components may not be sensible or components may require further configuration to make the connection work correctly.
+Refer to the linked documentation for more details.
+{{< /admonition >}}
+
+<!-- END GENERATED COMPATIBLE COMPONENTS -->
diff --git a/internal/component/all/all.go b/internal/component/all/all.go
index 4f58d9fbe6..5f2cba1ea2 100644
--- a/internal/component/all/all.go
+++ b/internal/component/all/all.go
@@ -130,6 +130,7 @@ import (
 	_ "github.com/grafana/alloy/internal/component/prometheus/exporter/statsd"               // Import prometheus.exporter.statsd
 	_ "github.com/grafana/alloy/internal/component/prometheus/exporter/unix"                 // Import prometheus.exporter.unix
 	_ "github.com/grafana/alloy/internal/component/prometheus/exporter/windows"              // Import prometheus.exporter.windows
+	_ "github.com/grafana/alloy/internal/component/prometheus/mapping"                       // Import prometheus.mapping
 	_ "github.com/grafana/alloy/internal/component/prometheus/operator/podmonitors"          // Import prometheus.operator.podmonitors
 	_ "github.com/grafana/alloy/internal/component/prometheus/operator/probes"               // Import prometheus.operator.probes
 	_ "github.com/grafana/alloy/internal/component/prometheus/operator/servicemonitors"      // Import prometheus.operator.servicemonitors
diff --git a/internal/component/prometheus/mapping/mapping.go b/internal/component/prometheus/mapping/mapping.go
new file mode 100644
index 0000000000..5c3c5431fa
--- /dev/null
+++ b/internal/component/prometheus/mapping/mapping.go
@@ -0,0 +1,227 @@
+package mapping
+
+import (
+	"context"
+	"fmt"
+	"sync"
+
+	"github.com/grafana/alloy/internal/component"
+	"github.com/grafana/alloy/internal/component/prometheus"
+	"github.com/grafana/alloy/internal/featuregate"
+	"github.com/grafana/alloy/internal/service/labelstore"
+	"github.com/grafana/alloy/internal/service/livedebugging"
+	prometheus_client "github.com/prometheus/client_golang/prometheus"
+	"github.com/prometheus/prometheus/model/exemplar"
+	"github.com/prometheus/prometheus/model/histogram"
+	"github.com/prometheus/prometheus/model/labels"
+	"github.com/prometheus/prometheus/model/metadata"
+	"github.com/prometheus/prometheus/storage"
+	"go.uber.org/atomic"
+)
+
+const name = "prometheus.mapping"
+
+func init() {
+	component.Register(component.Registration{
+		Name:      name,
+		Stability: featuregate.StabilityGenerallyAvailable,
+		Args:      Arguments{},
+		Exports:   Exports{},
+
+		Build: func(opts component.Options, args component.Arguments) (component.Component, error) {
+			return New(opts, args.(Arguments))
+		},
+	})
+}
+
+// Arguments holds values which are used to configure the prometheus.relabel
+// component.
+type Arguments struct {
+	// Where the relabelled metrics should be forwarded to.
+	ForwardTo []storage.Appendable `alloy:"forward_to,attr"`
+
+	// Labels to use for mapping
+	SourceLabel string `alloy:"source_label,attr"`
+	TargetLabel string `alloy:"target_label,attr"`
+
+	// Mapping
+	LabelValuesMapping map[string]string `alloy:"mapping,attr"`
+}
+
+// SetToDefault implements syntax.Defaulter.
+func (arg *Arguments) SetToDefault() {
+}
+
+// Validate implements syntax.Validator.
+func (arg *Arguments) Validate() error {
+	return nil
+}
+
+// Exports holds values which are exported by the prometheus.relabel component.
+type Exports struct {
+	Receiver storage.Appendable `alloy:"receiver,attr"`
+}
+
+// Component implements the prometheus.mapping component.
+type Component struct {
+	sourceLabel string
+	targetLabel string
+
+	mappings         map[string]string
+	mut              sync.RWMutex
+	opts             component.Options
+	receiver         *prometheus.Interceptor
+	metricsProcessed prometheus_client.Counter
+	metricsOutgoing  prometheus_client.Counter
+	fanout           *prometheus.Fanout
+	exited           atomic.Bool
+	ls               labelstore.LabelStore
+
+	debugDataPublisher livedebugging.DebugDataPublisher
+}
+
+var (
+	_ component.Component     = (*Component)(nil)
+	_ component.LiveDebugging = (*Component)(nil)
+)
+
+// New creates a new prometheus.relabel component.
+func New(o component.Options, args Arguments) (*Component, error) {
+	debugDataPublisher, err := o.GetServiceData(livedebugging.ServiceName)
+	if err != nil {
+		return nil, err
+	}
+
+	data, err := o.GetServiceData(labelstore.ServiceName)
+	if err != nil {
+		return nil, err
+	}
+	c := &Component{
+		opts:               o,
+		ls:                 data.(labelstore.LabelStore),
+		sourceLabel:        args.SourceLabel,
+		targetLabel:        args.TargetLabel,
+		mappings:           args.LabelValuesMapping,
+		debugDataPublisher: debugDataPublisher.(livedebugging.DebugDataPublisher),
+	}
+	c.metricsProcessed = prometheus_client.NewCounter(prometheus_client.CounterOpts{
+		Name: "alloy_prometheus_mapping_metrics_processed",
+		Help: "Total number of metrics processed",
+	})
+	c.metricsOutgoing = prometheus_client.NewCounter(prometheus_client.CounterOpts{
+		Name: "alloy_prometheus_mapping_metrics_written",
+		Help: "Total number of metrics written",
+	})
+
+	for _, metric := range []prometheus_client.Collector{c.metricsProcessed, c.metricsOutgoing} {
+		err = o.Registerer.Register(metric)
+		if err != nil {
+			return nil, err
+		}
+	}
+
+	c.fanout = prometheus.NewFanout(args.ForwardTo, o.ID, o.Registerer, c.ls)
+	c.receiver = prometheus.NewInterceptor(
+		c.fanout,
+		c.ls,
+		prometheus.WithAppendHook(func(_ storage.SeriesRef, l labels.Labels, t int64, v float64, next storage.Appender) (storage.SeriesRef, error) {
+			if c.exited.Load() {
+				return 0, fmt.Errorf("%s has exited", o.ID)
+			}
+
+			newLbl := c.mapping(v, l)
+			if newLbl.IsEmpty() {
+				return 0, nil
+			}
+			c.metricsOutgoing.Inc()
+			return next.Append(0, newLbl, t, v)
+		}),
+		prometheus.WithExemplarHook(func(_ storage.SeriesRef, l labels.Labels, e exemplar.Exemplar, next storage.Appender) (storage.SeriesRef, error) {
+			if c.exited.Load() {
+				return 0, fmt.Errorf("%s has exited", o.ID)
+			}
+
+			newLbl := c.mapping(0, l)
+			if newLbl.IsEmpty() {
+				return 0, nil
+			}
+			return next.AppendExemplar(0, newLbl, e)
+		}),
+		prometheus.WithMetadataHook(func(_ storage.SeriesRef, l labels.Labels, m metadata.Metadata, next storage.Appender) (storage.SeriesRef, error) {
+			if c.exited.Load() {
+				return 0, fmt.Errorf("%s has exited", o.ID)
+			}
+
+			newLbl := c.mapping(0, l)
+			if newLbl.IsEmpty() {
+				return 0, nil
+			}
+			return next.UpdateMetadata(0, newLbl, m)
+		}),
+		prometheus.WithHistogramHook(func(_ storage.SeriesRef, l labels.Labels, t int64, h *histogram.Histogram, fh *histogram.FloatHistogram, next storage.Appender) (storage.SeriesRef, error) {
+			if c.exited.Load() {
+				return 0, fmt.Errorf("%s has exited", o.ID)
+			}
+
+			newLbl := c.mapping(0, l)
+			if newLbl.IsEmpty() {
+				return 0, nil
+			}
+			return next.AppendHistogram(0, newLbl, t, h, fh)
+		}),
+	)
+
+	// Immediately export the receiver which remains the same for the component
+	// lifetime.
+	o.OnStateChange(Exports{Receiver: c.receiver})
+
+	// Call to Update() to set the relabelling rules once at the start.
+	if err = c.Update(args); err != nil {
+		return nil, err
+	}
+
+	return c, nil
+}
+
+// Run implements component.Component.
+func (c *Component) Run(ctx context.Context) error {
+	defer c.exited.Store(true)
+
+	<-ctx.Done()
+	return nil
+}
+
+// Update implements component.Component.
+func (c *Component) Update(args component.Arguments) error {
+	c.mut.Lock()
+	defer c.mut.Unlock()
+
+	newArgs := args.(Arguments)
+	c.sourceLabel = newArgs.SourceLabel
+	c.targetLabel = newArgs.TargetLabel
+	c.mappings = newArgs.LabelValuesMapping
+	c.fanout.UpdateChildren(newArgs.ForwardTo)
+
+	c.opts.OnStateChange(Exports{Receiver: c.receiver})
+
+	return nil
+}
+
+func (c *Component) mapping(val float64, lbls labels.Labels) labels.Labels {
+	// Relabel against a copy of the labels to prevent modifying the original
+	// slice.
+	lb := labels.NewBuilder(lbls.Copy())
+	sourceValue := lb.Get(c.sourceLabel)
+	targetValue := c.mappings[sourceValue]
+	lb.Set(c.targetLabel, targetValue)
+	newLabels := lb.Labels()
+
+	componentID := livedebugging.ComponentID(c.opts.ID)
+	if c.debugDataPublisher.IsActive(componentID) {
+		c.debugDataPublisher.Publish(componentID, fmt.Sprintf("%s => %s", lbls.String(), newLabels.String()))
+	}
+
+	return newLabels
+}
+
+func (c *Component) LiveDebugging(_ int) {}
diff --git a/internal/component/prometheus/mapping/mapping_test.go b/internal/component/prometheus/mapping/mapping_test.go
new file mode 100644
index 0000000000..18b4ed3368
--- /dev/null
+++ b/internal/component/prometheus/mapping/mapping_test.go
@@ -0,0 +1,82 @@
+package mapping
+
+import (
+	"fmt"
+	"testing"
+
+	"github.com/grafana/alloy/internal/component"
+	"github.com/grafana/alloy/internal/component/prometheus"
+	"github.com/grafana/alloy/internal/service/labelstore"
+	"github.com/grafana/alloy/internal/service/livedebugging"
+	"github.com/grafana/alloy/internal/util"
+	prom "github.com/prometheus/client_golang/prometheus"
+	"github.com/prometheus/prometheus/model/labels"
+	"github.com/prometheus/prometheus/storage"
+	"github.com/stretchr/testify/require"
+)
+
+func TestValidator(t *testing.T) {
+	args := Arguments{}
+	err := args.Validate()
+	require.NoError(t, err)
+}
+
+func TestMapping(t *testing.T) {
+	mapper := generateMapping(t)
+	lbls := labels.FromStrings("source", "value1")
+	newLbls := mapper.mapping(0, lbls)
+	require.True(t, newLbls.Has("target"))
+}
+
+func TestMappingEmptySourceLabelValue(t *testing.T) {
+	mapper := generateMapping(t)
+	lbls := labels.FromStrings("source", "")
+	newLbls := mapper.mapping(0, lbls)
+	require.True(t, newLbls.Has("target"))
+	require.Equal(t, newLbls.Get("target"), "empty")
+}
+
+func TestMappingEmptyTargetLabelValue(t *testing.T) {
+	mapper := generateMapping(t)
+	lbls := labels.FromStrings("source", "value2")
+	newLbls := mapper.mapping(0, lbls)
+	require.False(t, newLbls.Has("target"))
+}
+
+func generateMapping(t *testing.T) *Component {
+	ls := labelstore.New(nil, prom.DefaultRegisterer)
+	fanout := prometheus.NewInterceptor(nil, ls, prometheus.WithAppendHook(func(ref storage.SeriesRef, l labels.Labels, _ int64, _ float64, _ storage.Appender) (storage.SeriesRef, error) {
+		require.True(t, l.Has("new_label"))
+		return ref, nil
+	}))
+	mapper, err := New(component.Options{
+		ID:             "1",
+		Logger:         util.TestAlloyLogger(t),
+		OnStateChange:  func(e component.Exports) {},
+		Registerer:     prom.NewRegistry(),
+		GetServiceData: getServiceData,
+	}, Arguments{
+		ForwardTo:   []storage.Appendable{fanout},
+		SourceLabel: "source",
+		TargetLabel: "target",
+		LabelValuesMapping: map[string]string{
+			"":       "empty",
+			"value1": "eulav",
+			"value2": "",
+		},
+	})
+	require.NotNil(t, mapper)
+	require.NoError(t, err)
+	return mapper
+}
+
+func getServiceData(name string) (interface{}, error) {
+	switch name {
+	case labelstore.ServiceName:
+		return labelstore.New(nil, prom.DefaultRegisterer), nil
+	case livedebugging.ServiceName:
+		return livedebugging.NewLiveDebugging(), nil
+	default:
+		return nil, fmt.Errorf("service not found %s", name)
+	}
+}