It depends. Honestly, I'm not completely sure what the ice caps (polar ice caps?) are, lol. If they're in water, then yes. If they're on land, then no.
The thing about ice and water is that ice expands when it's frozen, and takes up more space in the form of ice than when it was water.
I think it's explained pretty well in these words down below that I've taken from http://www.johntreed.com/globalwarming.html
Global warming advocates say the higher temperatures will flood low-lying areas of the world including the coasts of the U.S.
Let me be Mr. Wizard for a moment. Get a glass of water and add ice cubes until it is almost at the top of the glass. Let it melt, then see how much flooding (overflow out of the glass) occurred. As you will see, it will be zero.
Why? Laws of physics.
Ice is frozen water. When it freezes, water in the form of ice takes up more space than the water it is made up of. That’s why frozen pipes or soda bottles burst when they freeze. Icebergs occupy more space than the water they are made up of occupied before they froze or will occupy after they melt. That’s why ice floats. It is less dense than the water it is in.
Furthermore, the tip of the iceberg that sticks above the water is precisely the amount of the increased volume. In other words, when the ice in your full glass of ice water melts, even though the ice stuck above the top of the glass, it will precisely fill the glass, no less and no more.
Like a boat, ice floats by displacing its weight in water. Since it is less dense than water, it goes to the surface. But when it melts, it becomes water again so it occupies precisely the same volume of water as it displaced when it was ice. Melting water changes (reduces) its volume, but not its weight. When it goes back to being water, it occupies the exact same volume as the water it displaced when it was ice, therefore there is no flooding.
This applies to all floating ice including the entire Arctic (north) polar ice cap. The north pole has no land under it. Global warming advocates say the north polar ice pack will entirely melt in future summers. Whether it does or not will have no effect whatsoever on sea level. All of that water, whether in the form of ice or not, is already in the sea."
They also explain how glaciers are another matter, etc... visit the link! It's a good read. ^____^