Yes, there are at least two ways to do this off the top of my head.
You can use CCSequence and run an action with a delay:
CCFiniteTimeAction* const CALLBACK = CCCallFunc::create(this, callfunc_selector(MyScene::callback));
// Wait one second before triggering callback
this->runAction(CCSequence::create(CCDelayTime::create(1.0f), CALLBACK, NULL));
You can schedule a function to run based on an interval:
// Interval of one second