Yes. There are several ways bonds can lose money:
Rising interest rates. Bond prices have an inverse relationship to interest rates—as rates rise, bond prices generally fall.
Inflation. Bonds usually have low yields, and high inflation levels can easily surpass them, eating into profit.
The company defaults on credit payments. Since bonds are loans, if the company or government can make the payments, the bond can take a hit. If the company dissolves, the bond may become worthless.