Not directly from an SD card...there's not enough RAM nor enough I/O pins to both read an SD card and drive the 32x32 matrix (if we're talking about
this item).
However, for small BMP files, it's possible to pre-convert an image into a format that can be stored in the Arduino's flash program space. This has some limitations though...each image requires about 1.5K of space, and there's less than 32K available on the Arduino Uno.
It might be a task better handled by a Propeller or other beefy microcontroller, but at present the example code is all Arduino-based.