No
An isothermal process is, almost by definition, a process where the fluid beeing worked upon can keep its temperature constant by exchanging energy with an external reservor, while an adiabatic process is defined by that not happening.
All these processes are special cases of polytropic processes. An isothermal process as the poytropic coefficient $n=1$, an isentropic process - the reversible case of an adiabatic process - has $n=\kappa$ with $\kappa=\frac{C_p}{C_v}$. Looking at the relation between these heat capacties, this is impossible since they can't be equal.
Phase changes?
Carlton writes:
Another source of storing/releasing energy I can think of is a phase change, i.e. steam-water-ice. Two of those phases can exist simultaneously at a constant temperature but across a range of pressures. Thus there is some capacity to store/release energy without changing temperature.
This appears to be wrong: Take a steam/water mix at equlibrium in a pressure cylinder. The volume is reduced by external force, the pressure and temperature of the gas phase rise (adiabatic process). Due to the new pressure, a new equilibrium between the vapor and liquid phase will establish by condensation. The enthalpy of evaporation is then released as heat. For the phase change to store energy without rising temperature, the condensation would have to absorb heat, not release it.
Chemical processes?
Carlton also suggests:
Consider a chemically-reactive gas at equilibrium in an insulated piston-cylinder setup. As the piston is raised by the gas pressure, the temperature and pressure will drop and thus the chemical equilibrium is disturbed. The gas reacts (chemically), releasing energy in the process until a new equilibrium is established at the original temperature. Thus, the whole process would be both adiabatic and isothermal. I don't know of such a reaction, but it is certainly possible.
I'm not convinced such a reaction exists and I'd have to (re)learn a lot of chemical physics to begin to answer the question if it is theoretically possible. In effect we are looking for a reaction where a change into the gas phase is exothermal somehow, enough so to offset enthalpy of evaporation. Alternativly we could look for a reaction like this:
$$A_g+B_g {\rightleftharpoons}AB_g$$
with the synthesis reaction endothermal.
Now, I can't prove that this is impossible but I have a strong hunch it is: There would be a tremendous application in energy storage. A huge problem with compressed air energy storage (CAES) is the heat generated in adiabatic compression, that is also required for adiabatic expansion.
Traditionally, the expansion heat is supplied by burning natural gas with the expanded air (so only part of the energy supplied comes from the compressed air), a new proposal was the (canceld) ADELE plant that would have used huge packed bed thermal storage units.
If someone had found a chemical reaction that allows de-facto adiabatic-isothermal processes, the killer application for this already here and we would have likely seen it in action.