Yes, this is basically the Riddle of Epicurus.

If God is willing to prevent evil, but not able, He is not omnipotent. If He is able, but not willing, He is malevolent. If He is both able and willing, then whence comes evil? If He is neither able nor willing, why call Him God?

I like to put it this way: Omniscient, Omnipotent, Benevolent - Choose any two. The evidence around us is ample proof that God cannot have all three properties.