Use look:
look $(echo -n password | sha1sum | cut -d ' ' -f 1 | tr a-z A-Z) pwned.txt
from man page:NAME
look - display lines beginning with a given string
DESCRIPTION
The look utility displays any lines in file which contain string. As look performs a binary search, the lines in file must be sorted (where sort(1) was given the same options -d and/or -f that look is invoked with).
example:
justin@box:~/data$ time look $(echo -n secret123 | sha1sum | cut -d ' ' -f 1 | tr a-z A-Z) pwned-passwords-sha1-ordered-by-hash-v6.txt
F2B14F68EB995FACB3A1C35287B778D5BD785511:17384
real 0m0.212s
user 0m0.005s
sys 0m0.001s
justin@box:~/data$ time look $(echo -n secret123 | sha1sum | cut -d ' ' -f 1 | tr a-z A-Z) pwned-passwords-sha1-ordered-by-hash-v6.txt
F2B14F68EB995FACB3A1C35287B778D5BD785511:17384
real 0m0.002s
user 0m0.003s
sys 0m0.001s