Yes.
The sentence can be interpreted as:
1.Zhang San went to school carrying his father on his back.
2.Zhang San went to school without his father's knowledge.
The ambiguity arises when "bei" is read in different tones,that is,the first tone and the fourth tone,which results in different meanings.When read in the first tone,"bei" means "to carry sb./sth.on one's back"; when read in the falling tone,it can mean "to do sth.without sb's knowledge".