First, we need to convert the weight of the cheese in the bag from pounds to ounces:
5 lb = 80 ounces (since 1 lb = 16 oz)
Next, we can divide the total weight of the bag by the amount of cheese needed for each serving:
80 oz / 3 oz per serving = 26.67 servings
However, we can't have a fraction of a serving, so we need to round down to the nearest whole number since we can't make a partial burrito.
Therefore, we can make 26 servings of burritos per 5lb bag of vegan shredded cheese.