Yes, but still not the best item.
Have a pokémon hold it, then use the move Fling/Trick/Switcheroo/other move with similar or same effect and the other Pokemon will have the Iron Ball.
Often, you'll also get something useful like Leftovers in return.
You can do the same thing with items like a Ring Target, but there are still better strategies than this. If you manage to pull it off though, it can be very trolly.