Yes, registered trademarks can lapse in several ways.
Even before registration, an application can be refused at examination if the mark lacks distinctiveness or conflicts with an earlier registration. It can also be opposed during the opposition period by the owner of a similar mark. If an office action is not responded to within the deadline, the application is abandoned.
After registration, a trademark can be canceled by a third party if it has not been put to genuine use in commerce for a continuous period of five years (the exact period varies by jurisdiction). In the US, trademark owners must file a Declaration of Use (a document proving the mark is still in commercial use) between the 5th and 6th year after registration. Failure to do so results in cancellation. Lastly, if a trademark is not officially renewed, it lapses at the end of its 10-year validity period.