Can a co-author cut the whole paper?
Generally speaking, you can't publish something without the consent of all authors, so yes, it can happen. 

This person is behaving badly. Perhaps there is a common authority you can appeal to so that the bad behavior stops. Even a threat to appeal to higher authority might make a difference. 

It might be necessary, actually, to abandon the paper if you can't find a solution. 

But don't work with this person in the future. If it is a PI/advisor, then you have a different issue, of course, as such people have power that can overwhelm justice. But, to the maximum extent possible, ignore the opinions of this person who is trying to optimize their own record at the expense of others. 

But if it is a PI/advisor doing this, say so, and I can supplement this response.