Yes, it is possible. When the direction of velocity and acceleration is same, the magnitude of the velocity changes but the direction remains same. But if they are in different directions, the magnitude as well as direction of the body will be changed.
[Read: Motion in a Straight Line]
For example, in projectile motion, the magnitude and direction of the velocity of the projectile changes at every point of its trajectory while the acceleration remains same. This is because, the acceleration of the projectile is equal to the acceleration due to gravity acting vertically downward.
A player hits a baseball at some angle. The ball goes high up in space. The player runs and catches the ball before it hits the ground. Which of the two (the player or the ball) has greater displacement?