Unfortunately, there's no exit two levels of for statement, but there are a few workarounds to do what you want:
Goto. In general, using goto is considered to be bad practice (and rightfully so), but using goto solely for a forward jump out of structured control statements is usually considered to be OK, especially if the alternative is to have more complicated code.
For Each item In itemList
For Each item1 In itemList1
If item1.Text = "bla bla bla" Then
Goto end_of_for
End If
Next
Next
end_of_for:
Dummy outer block
Do
For Each item In itemList
For Each item1 In itemList1
If item1.Text = "bla bla bla" Then
Exit Do
End If
Next
Next
Loop While False
or
Try
For Each item In itemlist
For Each item1 In itemlist1
If item1 = "bla bla bla" Then
Exit Try
End If
Next
Next
Finally
End Try
Separate function: Put the loops inside a separate function, which can be exited with return. This might require you to pass a lot of parameters, though, depending on how many local variables you use inside the loop. An alternative would be to put the block into a multi-line lambda, since this will create a closure over the local variables.
Boolean variable: This might make your code a bit less readable, depending on how many layers of nested loops you have:
Dim done = False
For Each item In itemList
For Each item1 In itemList1
If item1.Text = "bla bla bla" Then
done = True
Exit For
End If
Next
If done Then Exit For
Next