In UE4 code, no. But you can code it yourself, but only in C++. The old audio system has GeneratePCMData which allows to pipe in any PCM sound data, but it very funky and sometimes act wierd:
New audio system is a lot easier to pipe in any sound data, but i yet to explore it, look up the synth demo plugin.
In either solution you will need to decompress audio data to PCM (or else you gonna use raw audio data which is overkill ;p), UE4 doesn’t provide mp3 support due to licencing issues (use of it requires paying royalties, you too better watch out on it, it’s number one reason why you see ogg more in games), only Vobis ogg decoding is somewhere in engine, i didn’t explore that either.