Yes this is possible, however not concurrently. Android supports only profile-wide VPN (or always-on VPN) natively, and the per-app VPN functionality often alluded to when multiple VPNs are brought up would have to be supported in-app.
When one VPN is running profile-wide and another is initiated, it will disconnect the first. Should these VPNs have failure protection and automatic reconnect (or leverage always-on VPN for this) the two VPN solutions will repeatedly disconnect one another.