Icon Editor for Android platform
Um, How about Photoshop Touch? Might be a tad expensive for your needs, but it is essentially a toned-down, mobile edition of the Adobe product. 

https://play.google.com/store/apps/details?id=air.com.adobe.pstouch

Of course, if you really want it but can't fork out the dough, there's always downloading the apk (but you didn't hear it from me, developers don't worry I support you guys :P ). 

If you're looking to create icons to use as replacements right on your device, and are inclined to a minimalistic style, then Simple Text is a good way to go.

https://play.google.com/store/apps/details?id=com.redphx.simpletext