Yes it will. But there will be no other way for the current than through both LEDs, regardless of their resistance. If you wire them in parallel, the current can and will choose the easiest path (i.e. the LED with the lowest resistance). Mostly, anyway, there's a formula for that, too. Somewhere
You need to decide on how to wire this first and then determine the necessary resistance per LED, not for the whole circuit.
For example: If you had a 9V power supply and two 2.5 V LEDs rated for a current of 20 mA, you'd need a resistor with exactly 200 Ω if you wired them in a row: U=9V-5V=4V; I=20mA; U=RI→R=U/I=4V/0.02A=200Ω. If you took those same LEDs and and wired them to the same power supply in parallel, each "branch" would still get the full 9V, but only suck up 2.5 instead of 5 V. So you'll not only need two resistors instead of one, but they'll also have to have a higher resistance (same equation, new R=325Ω).