A little while ago, Google rolled out a translate function for its Google+ users on Chrome. Now, Facebook is following suit, albeit in a slightly different fashion. If you go to a public page and you see either a comment or a post in a language, other than English, you will also see a 'Translate' button next to the 'Like' and 'Comment' icons with that post, announced Facebook. When you hit the Translate button, a pop-out window will provide the text translated into English. This function is powered by Microsoft Bing and is an opt-in service.
Settings where you can allow the Translate feature
In order to activate the Translate function on your public page, you need to go to the Settings of your page (in 'Edit Page') and click on 'Allow translations from Admin, community and machine translators.' The Translate function is only available for public pages, so far. The function for individual profile pages will be coming soon.
Facebook's also allowing for more accuracy with this feature by letting bilingual persons translate some text. Usually, the pop-up window will give you machine translated text (translated by Bing), but if you know the language and have a better translation for the text, you can enter it in the pop up window. If enough users vote for this human translated text, the text from Bing will be replaced by the human translation. Human translated text can be managed by page admin using a 'manage translations' link underneath the posts on the pages they manage.