Robot learning methods have the potential for widespread generalization across tasks, environments, and objects. However, these methods require large diverse datasets that are expensive to collect in real-world robotics settings. For robot learning to generalize, we must be able to leverage sources of data or priors beyond the robot's own experience. In this work, we posit that image-text generative models, which are pre-trained on large corpora of web-scraped data, can serve as such a data source. We show that despite these generative models being trained on largely non-robotics data, they can serve as effective ways to impart priors into the process of robot learning in a way that enables widespread generalization. In particular, we show how pre-trained generative models can serve as effective tools for semantically meaningful data augmentation. By leveraging these pre-trained models for generating appropriate "semantic" data augmentations, we propose a system GenAug that is able to significantly improve policy generalization. We apply GenAug to tabletop manipulation tasks, showing the ability to re-target behavior to novel scenarios, while only requiring marginal amounts of real-world data. We demonstrate the efficacy of this system on a number of object manipulation problems in the real world, showing a 40% improvement in generalization to novel scenes and objects.