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Yes, but you can't host them both at the same time. It is possible to schedule more than one meeting for the same time slot, but you can only host one meeting at a time.
You will see a message warning you about the conflict when you attempt to schedule meeting that overlap, and you also will not be able to launch a new meeting until you end your last one. However, if you're already in a meeting and need to leave without ending it for everyone, you can promote any attendee in that meeting to be organizer so the session can continue on without you while you switch to the next one.
If your organization needs to host multiple sessions at the same time, then you can upgrade your plan to add additional organizer seats (these individuals would each get their own account with which they can schedule and host their own meetings).
If you attempt to run more than 1 meeting at a time, you will see a "Another Session Running" notification with an option to end the other session and begin yours. To continue, click End Other Session.
The organizer running the other session will receive a "The meeting has ended" notification.