Yes! You can participate in both. But there are restrictions on how much you can contribute.
The 2018 contribution limit for a 401(k) is $18,500; $24,000 if you’re 50 and over.
The 2018 contribution limit for an IRA is $5,500; and $6,500 if you're 50 and over. Icon is an IRA.
There may be restrictions on how much you can deduct from your taxes.
For more information on contribution limits you can consult the IRS