Yes, a 4-20 mA sensor can be place in a current loop that can also have as a part the C Series input module.
The positive terminal of the sensor should be connected to an analog input channel of the C Series module and the negative terminal of the sensor to the COM channel of the module. Any other sensor would use a different analog input channel and the same reference.
Additionally a power source could be required to power the sensor. For more information on 4 to 20 mA current loops refer to Fundamentals, System Design, and Setup for the 4 to 20 mA Current Loop .