Find and replace inside a folder but exclude files inside a specific sub-folder?

Is there a way to search an entire folder but exclude a specific sub-folder? Find and Replace inside the theme folder is very useful, and used to be quick. However I have started using webpack, which adds a huge node modules folder into my theme folder. This massively slows down Find and Replace if I search the entire theme folder, so being able to exclude node-modules from the search would be a big time saver.