Yes. Any two simultaneous double-stranded breaks have the potential to be stitched together during repair, although translocation events are going to be much much less frequent than the correct recombination (and observed even less frequently than that due to spontaneous death or targeted removal of cells where this occurs). But it is not impossible for the cell to survive and even propagate after such an event.

Here’s a paper discussing the topic: https://www.pnas.org/doi/10.1073/pnas.1410112111