Yes, if the monkey is within the range of the bullet. When the monkey drops, it descends the vertical height of $\frac{1}{2}gt^2$ in time $t$. In the same time $t$, the bullet will also descend through a vertical height of $\frac{1}{2}gt^2$. Since the vertical distance in both the cases are same, the bullet will hit the monkey.
[Read: Projectile Motion]