Short version: yes. You can even play in two time signatures on one instrument, if you can think through it and make yourself play it.
There are two ways to conceptualize this: polyrhythm and metric modulation.
Polyrhythm is when you are literally playing two time signatures at once to create a complex rhythm. Latin American and East Indian music frequently feature polyrhythm. Professional percussionists who have "rhythmically independent limbs" can literally play polyrhythmically in multiple time signatures simultaneously. For example, a drummer might play in 3/4 on the kick drum, 5/4 on the snare, and hit accents in other time signatures on snare, toms and cymbals.
Now... simply playing two different time signatures is not necessarily polyrhythm: If you're playing in 2/4 and I'm playing in 4/4, any polyrhythm that *might* be going on (not likely tho) is not a function of the time signatures involved. Musical theatre scores and orchestral scores sometime write parts for different instruments in different time signatures in order to make the parts easier to read.
Metric modulation is when you superimpose the accents of one time signature on top of another without actually changing the underlying time signature. For example if you are playing in 4/4 and you accent every three beats, the accents create a triplet pattern but you don't ever actually change the real meter of 4/4. So the accent lines up with the downbeat of the beginning of the phrase every four bars:
>===>=====>====>===
1 2 3 4 | 1 2 3 4 | 1 2 3 4 |
(hope this is readable, YA kept removing the spaces between the accents so I had to put "=" in place of them)