Try this:
>>> import string
>>> code = {'a': 'c', 'd': 'a', 'p': 'r', 'k': 'e', 'm': 'd'}
>>> trans = string.maketrans(*["".join(x) for x in zip(*code.items())])
>>> str = "pkm adp"
>>> str.translate(trans)
'red car'
Explanation:
>>> help(str.translate)
Help on built-in function translate:
translate(...)
S.translate(table [,deletechars]) -> string
Return a copy of the string S, where all characters occurring
in the optional argument deletechars are removed, and the
remaining characters have been mapped through the given
translation table, which must be a string of length 256.
>>> help(string.maketrans)
Help on built-in function maketrans in module strop:
maketrans(...)
maketrans(frm, to) -> string
Return a translation table (a string of 256 bytes long)
suitable for use in string.translate. The strings frm and to
must be of the same length.
The maketrans line turns the dictionary into two separate strings suitable for input into maketrans:
>>> code = {'a': 'c', 'd': 'a', 'p': 'r', 'k': 'e', 'm': 'd'}
>>> code.items()
[('a', 'c'), ('p', 'r'), ('k', 'e'), ('m', 'd'), ('d', 'a')]
>>> zip(*code.items())
[('a', 'p', 'k', 'm', 'd'), ('c', 'r', 'e', 'd', 'a')]
>>> ["".join(x) for x in zip(*code.items())]
['apkmd', 'creda']