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: