Yes. Here's the --help:
oli@bert:~$ su --help
Usage: su [options] [LOGIN]
Options:
-c, --command COMMAND pass COMMAND to the invoked shell
-h, --help display this help message and exit
-, -l, --login make the shell a login shell
-m, -p,
--preserve-environment do not reset environment variables, and
keep the same shell
-s, --shell SHELL use SHELL instead of the default in passwd
And some testing (I used sudo as I don't know the password for the nobody account)
oli@bert:~$ sudo su -c whoami nobody
[sudo] password for oli:
nobody