Yes, with strong provisos.
I view karma as an empirical statement about the way that one's behavior and psychology tends to impact others. (If reincarnation exists, then karma would likely apply to that cycle as well, but it in fact could not). It is a representation of the fact that evil deeds tend to beget retaliation, but more importantly, that the person who commits evil deeds condemns themselves to a world where people do evil deeds to each other. The person in that situation deprives themselves of the opportunity for trust. They behave from fear and momentary egoism, which deprives them of true happiness.
However, unfortunately, many horrible crimes do go unpunished. Karma is an average: It is not an absolute.