Yes, it's very likely that a college or university will retract their transfer acceptance if you fail a class at your current school, especially if it's a required class or impacts your GPA significantly. The offer of admission is usually contingent upon maintaining your academic standing. The terms of your acceptance letter will specify the conditions you must meet to remain eligible for enrollment. Failing a class could violate those conditions.
While some schools might be more lenient than others, it's best to assume that failing a class will jeopardize your acceptance. You should contact the admissions offices of the schools that accepted you immediately to explain the situation and see what their policy is. Proactive communication is key.