Yes. Wrap it in some inflammable scarf/coat to get it going. Or find an Android vulnerability and make several phones burn at the same time.
Anyway, it’s no more a risk than guns or water on planes since it hasn’t happened yet; but among this security circus, it’s hypocritical to ban water and not li-ion batteries.
Inflammable and flammable are both adjectives that mean "easily set on fire". They have slightly different etymologies. In the case of inflammable, in- means "into" and is not a negation.