[AaronBrown]

I'm not sure why you think the answer might be "no."

If you're playing straightforwardly, you complete with drawing hand or moderate-strength hand, and raise with weak and strong hands. In that case, if BB raises, and you treat it as straightforward, you call with your drawing hands and fold your moderate-strength hands.

So even if both players are playing straightforwardly, you could limp-fold. You might also do it if you limped deceptively with a complete bluff. Your plan was to limp, then bet on the flop, but after the preflop raise, you give up the attempt.