Of course . . . but they're only allowed to hunt humans. (wearing a deer jersey does help the hunter tag his first cyclist)
This is a good question. However, I have posted a comment about hunters every year, but have never received a solid law abiding answer. This said, a cyclist is pretty distinguishable from an animal, especially in sound. There has never been an incident and probably never will.
Take caution though, an arrow can fly faster than a bike, unless the bike's pink of course.
