Действительно есть:
>>> import numpy as np
>>>
>>> h, w = 4, 6
>>>
>>> A = np.random.randint(0, 100, (h, w, 3))
>>> B = np.random.randint(0, h*w, (h, w, 2)) % [h, w]
>>>
>>> C = np.zeros(A.shape)
>>> for i in range(B.shape[0]):
... for j in range(B.shape[1]):
... C[i, j, :] = A[B[i, j, 0], B[i, j, 1], :]
...
>>>
>>> C2 = A[(*np.moveaxis(B, 2, 0),)]
>>> np.all(C == C2)
True