Nope. You cannot benefit from both at the same time if the Lure and Incense are yours.

Is a lure better than incense?

Both of these items provide additional Pokémon spawns for 30 minutes. Lure modules are placed into Pokéstop and spawn Pokémon that are visible for everyone within the range. On contrary, Incense spawns are exclusive for the trainer. ... Incense attracts Pokémon at the higher rate while moving.

Do incense and lures stack Reddit?

It stacks, but you'll get more out of incense if you're moving, while lures are stationary.