If you do it long enough, it will - look at starving nations for proof. This method of weight loss is NOT recommended.
If you fast for a few days expecting some crazy loss rate, you may or may not see it. Chances are, your body started convincing you a nap sounded really good, let's skip the gym today and watch some extra TV. If you do manage to see some loss, you probably won't hang onto it. When you get to eat again, you probably overeat.
Just stick to 500-750 calories/day less and get out and walk more. Stay on your feet!