How to wrap text in LaTeX tables?

Use p{width} for your column specifiers instead of l/r/c.

\begin{tabular}{|p{1cm}|p{3cm}|}
  This text will be wrapped & Some more text \\
\end{tabular}

---

EDIT: (based on the comments)

\begin{table}[ht]
    \centering
    \begin{tabular}{p{0.35\linewidth} | p{0.6\linewidth}}
      Column 1  & Column2 \\ \hline
      This text will be wrapped & Some more text \\
      Some text here & This text maybe wrapped here if its tooooo long \\
    \end{tabular}
    \caption{Caption}
    \label{tab:my_label}
\end{table}

we get: