Depends on your predator and prey. If the prey are fast enough to avoid the predator, then it might work out. Only issue is: if they predator is constantly trying to chase down the prey, both fish will become stressed out.
I currently have a small school of zebra danios with my blue whale catfish. The catfish has learned to tolerate the danios because he can't catch them, and it seems he's been weaned on to the pellets I'm currently feeding it.
I've tried cohabiting live bearers with predators in the past, but it never worked out. Don't know any species to suggest.