>>> d = {'1': 'one', '3': 'three', '2': 'two', '5': 'five', '4': 'four'}
>>> 'one' in d.values()
True
Out of curiosity, some comparative timing:
>>> T(lambda : 'one' in d.itervalues()).repeat()
[0.28107285499572754, 0.29107213020324707, 0.27941107749938965]
>>> T(lambda : 'one' in d.values()).repeat()
[0.38303399085998535, 0.37257885932922363, 0.37096405029296875]
>>> T(lambda : 'one' in d.viewvalues()).repeat()
[0.32004380226135254, 0.31716084480285645, 0.3171098232269287]
EDIT: And in case you wonder why... the reason is that each of the above returns a different type of object, which may or may not be well suited for lookup operations:
>>> type(d.viewvalues())
<type 'dict_values'>
>>> type(d.values())
<type 'list'>
>>> type(d.itervalues())
<type 'dictionary-valueiterator'>
EDIT2: As per request in comments...
>>> T(lambda : 'four' in d.itervalues()).repeat()
[0.41178202629089355, 0.3959040641784668, 0.3970959186553955]
>>> T(lambda : 'four' in d.values()).repeat()
[0.4631338119506836, 0.43541407585144043, 0.4359898567199707]
>>> T(lambda : 'four' in d.viewvalues()).repeat()
[0.43414998054504395, 0.4213531017303467, 0.41684913635253906]
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