We consider the electronic structure near vacancies in the half-filled honeycomb lattice. It is shown that vacancies induce the formation of localized states. When particle-hole symmetry is broken, localized states become resonances close to the Fermi level. We also study the problem of a finite density of vacancies, obtaining the electronic density of states, and discussing the issue of electronic localization in these systems. Our results also have relevance for the problem of disorder in d-wave superconductors.