No. Facebook doesn't allow changes to an ad once it's live, so a published ad can't be edited. You have two options.
1. Let it run
If the mistake is small, the ad can keep running and collecting leads.
2. Cancel it and run a corrected copy
Go to Reports and open the ad.
Scroll to the bottom and cancel it. The ad spend that wasn't used is refunded.
Click Duplicate on the same ad, make your changes, and purchase the copy.
Tip: the preview before checkout isn't an exact copy of how Facebook shows the ad, so check your headline and copy carefully before you purchase.