Short answer is yes, assuming there's more than a "de minimis" amount of authorship to make it copyrightable. People normally don't have that much trouble meeting that threshold in an orchestral arrangement. That said, copyright in your arrangement will only cover your specific arrangement and won't prevent other folks from making their own arrangement of the same underlying song. Also, if the underlying song is not in the public domain, the publisher of the song may require you to transfer or even write the arrangement as a "work made for hire" as a condition of granting permission. If you do that, then you (the arranger) will lose copyright ownership in your arrangement.
Hope this helps.