Yes. You can scale the image at insertion at the Tool Options bar above the drawing area, or afterwards with the normal Scale command, or using Properties and changing the dpi value.
Of course you have to know a real length in the object to be able to measure that length on the inserted image and then calculate a scaling factor. Or if it is a scan of a physical drawing you might know the dpi it is scanned with. Even if you haven't scanned it yourself the value might be written into the file. Probably something like 300 or 600 dpi. An image viewing tool like Irfanview shows it.
In LC 2.1.3 if you use the normal Scale command the image will seem to be disappeared afterwards. An Auto Zoom brings it back.