Yes. The only people who cannot be banned are founders and you shouldn't have more than one or two of those (they are all powerful so it's not a title to be given out lightly).
If you have any doubts at all about the ability of a mod not to accidentally or deliberately ban another one, they should not be a mod.
-:|:- Support Request Template -:|:- "Step up to red alert. Sir, are you absolutely sure? It does mean changing the bulb"