Yes, LEDs can grow plants. There's company that sells an array for house plants instead of using high pressure sodium bulbs.
They do put out a color spectrum that is appropriate for palnts.
However, a light with the right kind of LEDs, would be monstrous. While it's cheap to put a few in a flash light, or to use as moon lights, it's entirely too expensive to build a large enogh array to use for tank lighting in which you want that tank to be planted.
It would take years upon years to recoup the savings in power, and bulb changes.
Dansdata.com had an article on them a few months back.