I assume the pair $(2, \pi/2)$ is given in polar, rather than cartesian, coordinates.
In this context, the typical convention is that $r < 0$ is permitted. In other words: $r$ and $\theta$ are both permitted to be any real value. As you know, distinct pairs $(r_1, \theta_1)$ and $(r_2, \theta_2)$ may map to the same point on the plane. So the question of whether $(2, \pi/2)$ "lies on the graph" should be interpreted like this: Does there exist some pair $(r, \theta)$ of real numbers—equivalent to $(2, \pi/2)$ in the sense that it represents the same point on the cartesian plane—which satisfies the equation $r = 2\cos(2\theta)$?
The point in question has the following polar representations, and no others: $(2, \pi/2 + 2\pi n), n \in \mathbb Z$, and $(-2, 3\pi/2 + 2\pi n), n \in \mathbb Z$.
Some of these pairs do satisfy the equation:
$$2\cos(2(\pi/2 + 2\pi n)) = -2 \ne 2,$$
$$2\cos(2(3\pi/2 + 2\pi n)) = -2.$$
Therefore, the point lies on the graph.
To elaborate a bit more on what's going on here: The cartesian graph of the polar relation $r = 2\cos(2\theta)$ is (by definition) the set of all points $(x,y) \in \mathbb R^2$ such that there exists a pair $(r, \theta) \in \mathbb R^2$, with $(x,y) = (r\cos\theta,r\sin\theta)$, which satisfies $r = 2\cos(2\theta)$. This is a bit of a mouthful, but the key thing to understand is this: Although the pair $(2, \pi/2)$ does not satisfy our relation, it is true that a pair equivalent to that pair satisfies the relation. So if you plot on the cartesian plane the equation $y = 2\cos(2\theta)$, and the point $(x=\pi/2, y=2)$, you will see that the point doesn't lie on the graph. But once we replace $x, y$ by $r, \theta$, multiple points on the graph "collapse" to a single point, so the answer becomes "yes".
To be fair, the question is slightly ambiguous, but I believe this is the usual interpretation in precalculus courses.