Yes, and you have choices. The simplest retrofit is simply changing your standard incandescent or halogen flood bulbs to LED floods. They are available in various sizes such as R20, R30, R40. Match the size of the bulb you have now with the same size LED and look for the light output equivalent. Often you can reduce your wattage consumption from ie 65 Watts to about 12 Watts or so with LED bulbs. And they will last for years and years.
The nomenclature explained is as follows: R20 is a “Reflector” that is 20 eighths on an inch in diameter at its widest point…..or approx. 2 ½ inches in diam. An R30 would be 30 eighths of an inch or approx. 3 ¾ inches, etc. Another alternative would be to purchase complete LED down light retrofit kits. They are designed to have the LED's built in and also include a new ceiling trim ring.
It's like getting a brand new fixture. Look for the right size for the openings in your ceiling…..4”, 5”, 6” kits. They contain usually a standard screw base on a pigtail which simply screws into the existing socket in your ceiling and only requires removing the existing trim and lamp.