Depends on the fish and corals.
A few folks including myself have managed to keep Abdopus aculeatus in smaller peaceful community reef tanks. I would worry about the fish and any stingy corals being a threat to the octopus though. Some fish are known to pick out octopus eyes, and octopus skin is not protective at all. Unlike fish, octopuses can't really avoid bumping into corals considering they climb and crawl along the rocks and over any object in their way. Most of the other species of octopus that are available would destroy a reef and kill the fish. They tend to horde objects for their den and corals are no exception.
I keep an A. aculeatus with a small rabbitfish and yellow coris wrasse. He harasses them when they have food. There are also a few peppermint shrimp in the tank that have yet to disappear much to my surprise. He has decided that a large gorgonia and my Duncans are a great edition to his cave.
I keep an O. briareus in a species tank with a lot of soft corals. I can't even keep a sea hare in that tank. It would no doubt kill any fish.
What kind of fish and corals are in your tank?