Apparently, yes. Many well-known authors, from George Sand (Amantine Lucile Aurore Dupin de Francueil) to Mark Twain (Samuel Clemens) to J.D. Robb (Nora Roberts), and John LeCarre (David John Moore Cornwell) use pen names for a variety of reasons. Check out these sources for more info—here and here.
It appears that authors may use pen names without telling anyone except their publishers (or Amazon, or anyone who needs to send you royalty checks!). If you're self-publishing, well, no-brainer.
Always talk to a lawyer if you have any lingering questions. I am not a lawyer, and anything I say about pen names should not be taken as legal advice.
-- Mike McCandless (aka Guy Cicero)