"Have multiple Mac computers in your home or office? AirPort Time Capsule can back up and store files for each Mac on your wireless network. No longer do you have to attach an external drive to each Mac every time you want to back up. AirPort Time Capsule spares you the work. Your computers are always backed up — automatically and wirelessly."
Yes it can, but they will both use the same Time Capsule drive. In the Time Machine settings for each Mac you would just choose the Time Capsule drive as the destination then the backups gets stored inside a sparse bundle image that is named for each Mac. It gets that name from whatever you have named your Mac in the Sharing pane in System Preferences.