Yes, there are 3 different ways you can do this
1) If you are working with Dynamic VDB, see REST Service Through VDB This can also be made work through Designer based VDB.
2) If you are working with Designer based VDB, see WebSerice Modeling
3) You can use OData, here there is nothing you need to do, works with either of the VDB styles. The restriction is OData is specification, so the REST URLs for querying is well defined, where as in previous options you define them using metadata. See OData Support
Thanks Ramesh. OData seems to fit our requirement.
Also, can we perform Insert, Update and Delete operations using OData?
Better yet read the OData Specification http://www.odata.org/docs/
There may be better examples on Web. I will see if I can update Teiid documents with simple example.