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Yes and no. 

Buoyancy is a force that a fluid exerts on any object placed inside of it. On Earth, we have Archimedes' principle, which states that the buoyant force is equal to the weight of the fluid that the object displaced. In zero gravity, the fluid has no weight, so there's no buoyancy!

But in space is a microgravity environment. You just seem weightless. so everything changes! Buoyancy is still there, but it works completely differently. The pressure of the water pushes on every side of the object, but since it is evenly distrubuted around the object, it seems like nothing is happening at all.