In theory, yes, it's just a matter of plugging things in. Zipfile can give you a file-like object for a file in a zip archive, and image.load will accept a file-like object. So something like this should work:
import zipfile
archive = zipfile.ZipFile('images.zip', 'r')
imgfile = archive.open('img_01.png')
try:
image = pygame.image.load(imgfile, 'img_01.png')
finally:
imgfile.close()
import io, pygame, zipfile
archive = zipfile.ZipFile('images.zip', 'r')
# read bytes from archive
img_data = archive.read('img_01.png')
# create a pygame-compatible file-like object from the bytes
bytes_io = io.BytesIO(img_data)
img = pygame.image.load(bytes_io)
I was trying to figure this out for myself just now and thought this might be useful for anyone who comes across this question in the future.
Source: Stackoverflow.com