We have a list of about 150,000 words, and when the user enters a free text, the system should present a list of words from the dictionary, that are very close to words in t
You would likely want to use an algorithm which calculates the Levenshtein distance.
However, since your data set is quite large, and you'll be comparing lots of words against it, a direct implementation of typical algorithms that do this won't be practical.
In order to find words in a reasonable amount of time, you will have to index your set of words in some way that facilitates fuzzy string matching.
One of these indexing methods would be to use a suffix tree. Another approach would be to use n-grams.
I would lean towards using a suffix tree since I find it easier to wrap my head around it and I find it more suited to the problem.