Generally speaking, it will work, for varying definitions of "works". There won't be any autofocus, and you'll have to set the aperture using the lens ring, so you'll probably be stuck in either aperture-priority or full manual shooting modes. And unless the adapter tube is chipped, you probably won't have AF confirmation or the lens EXIF information. But as far as I know, Pentax K lenses can be used just fine as all-manual lenses on adapter tubes for micro four-thirds, and if you're shooting Olympus you should have the added bonus of the in-body stabilization working for you.
The lens will be bigger and heavier than an mft lens, and the 2x crop factor will really work against you if you want to shoot wide, but it should work.
See also: Can I use lens brand X on interchangeable lens camera brand Y?Can I use lens brand X on interchangeable lens camera brand Y?
