Yes that's possible. You'd need to act on the backend user create trigger before any user stores have been made. Specifically the onBeforeNewUser trigger. To block it you need to throw a plugin error.
Global
Triggers: onBeforeNewUser
Type: Code
User: Self
Access: Everybody
Action
Method: PHP
Code:
Code:
global $_PLUGINS;
$_PLUGINS->_setErrorMSG( 'You have reached the user create limits for your site.' );
$_PLUGINS->raiseError();
If you want this to also apply to frontend then add onBeforeUserRegistration to the triggers list. Note you will need to add your condition to check against the create limit or do so in the code it self. If the user limit field is on a specific user then you may want to set User to Specific and just specify that users ID to make substitutions be based off that user so setting up your condition would be easier.