Yes, this is possible and the steps are given below.

1. Go to Settings >> Checkout Page & Self Serve portal (under Customer-facing essentials) and enable Show legal Information. Screenshot given below.

2. Click on the "Customize" option

3. You can add the respective links for " Terms of Service" and "Privacy Policy" and apply it. 

Furthermore, you have the option to display a checkbox to get the customer's consent for the agreement statement. 

This is how the customer check out page would look like when you enable a consent checkbox

If you're using the V2 hosted pages, here's how you can display the legal terms link on the checkout page.