You mean to overwrite the existing production site collection with the development site collection?
If so, yes. You can do a stsadm -o backup and then a restore.
1) Backup your production site collection (just in case).
2) Backup your development site collection.
3) Delete both site collection (you can't restore a site collection that already exist on the same content db)
4) Restore the development site collection, specifying the production url as the restore location.