Estimated reading time: 15 minutes.
No TL;DR, but my short answer to your question is this:
Yes (the translation of "bizarro" is "bizarre"), and often, and in many different places, but not yet officially sanctioned.
What led me to this post
Though a few answers have been provided and the green check mark awarded, I'm going to add another answer because I think I have some additional details that may be useful to those who happen to stumble upon this thread ... especially those whose Spanish may not be that good and who don't have an easy way to translate some of the other answers into English. Please note, however, that this will not be a rehash in English of what others have written in Spanish.
To be perfectly honest, I never really thought much about this word "bizarro" until I came across this Facebook post here:
From the Facebook page "Gramática Real." Posted April 1, 2019, 7:36 p.m. Retrieved April 1, 2019, o/a 9:30 p.m. FTR, "bizarro" can mean, according to no less an authority than the dictionary of the Royal Spanish Academy, "lucido," which means "splendid" or "magnificent." It does not mean "lucid." The word "lucid" is "lúcido" in Spanish.
Ordinarily, I might have just quickly read it and continued scrolling, but the addition of "serious mistake" compelled me to take a closer look at this word.
Frequency
If you're a beginning student of Spanish, I should let you know up front that "bizarro" is not likely to come up very frequently in the Spanish literature you may or may not be reading yet. According to one frequency list, "bizarro" is ranked #22334. You're more likely to encounter "malvaviscos" (marshmallows), "acordeón" (accordion), and "oruga" (caterpillar) than you are "bizarro."
All discussion of what the real meaning of "bizarro" is aside, if you're looking for a way to translate "bizarre" into Spanish, you'll find many better options, some of which can be seen in the Google Ngram below. These include (in order of semantic proximity according to synonyms listed here): raro, extraño, peculiar, estrafalario, inusual. If you want to link directly to the Google Ngram itself, click here.
Your question is posed in a way that leaves room open for answering from a historical perspective, but Charlie (who has also provided an answer in this thread) succinctly, yet thoroughly answers from more of a historic perspective in this answer here. So, I will try to limit my answer to much more modern usage — the last 40 years or so.
CREA Findings
One of the first things I did to try to answer your question (after taking a look at the Google Ngram), was search the Corpus de Referencia del Español Actual (CREA).
To attempt to prove that a word is never used in a certain way is akin to attempting to prove a negative, so I don't know, at this point, if I'll be able to say, by the end of this answer, that "bizarro" is never used to mean "bizarre." My hunch, initially, was that it would be highly unlikely and that if you did see it used in that way, you just might want to consider the quality or origin of the source. For starters, was it written by a native speaker of Spanish? Is it a translation? Is the publication a reputable one? Although the answers to those questions may factor in to why you might see "bizarro" used to mean "bizarre," I don't know that they fully explain all instances you may see of "bizarro" when clearly the meaning is "bizarre." But I'll get to those examples in a bit. For now, let me first show you a couple of examples of "bizarro" that CREA led me to. Where possible, I will try to find the full version of the source. Here's the first example I've selected for you:
Y siendo ya un adulto Hera lo reconoce y enloquece, a consecuencia de lo cual empieza un largo peregrinar acompañado de su tutor, Sileno, y de Sátiros y Ménades. Es entonces cuando empieza a constituir su bizarro ejército, el cual dirige armado de un tirso cubierto de yedra y con una piña de pino en la punta.
— "Detener la guerra," Theorethikos.
And being an adult Hera recognizes him and goes mad, the result of which begins a long pilgrimage accompanied by his tutor, Silenus, and Satyrs and Maenads. It is then when he begins to form his gallant army, which he leads armed with a sceptre covered with ivy and tipped with a pine cone.
All translations from Spanish into English were made by me, the author of this answer, with a little help from the translator embedded in Google Chrome.
Al mismo tiempo la película mantiene ese estilo morboso, crudo y repugnante (en cuanto a los materiales que se usan en la historia) característico de Cronenberg, que hace que la realidad se vea cada vez más borrosa (¿será toda la película un gran juego bizarro o se trata de una realidad bizarra?).
— Film [on line], 06-07/2003 : El elefante y la bicicleta
[Citation format is direct copy from CREA, which indicates this publication is Argentinian. Excerpt actually appears to be a film review of the film Existenz.]
At the same time, the film maintains that morbid, raw, and repugnant style (in terms of the materials used in the story) characteristic of Cronenberg, which makes reality look more and more blurred (will the whole movie be a big bizarre game or is it a bizarre reality?).
In the first example, clearly, the meaning of "bizarro" is not "bizarre"; in the second, it is. But bear in mind the fact that the second example is from an Argentinian publication. [Please read rsanchez's answer and you'll see that this example supports what s/he has written.]
In the examples provided by CREA, I couldn't always determine whether or not a simple "brave" or "bizarre" was the best translation. In at least a couple of situations, "gallant" might have been a better translation than "brave" and "extravagant" a better translation than "bizarre." That said, what I could more or less definitively translate can be seen in the chart below:
If any of you saw the previous table, you will see that the table now has a lot more examples. And, in fact, the previous table made it look as if "bizarro" more often meant "bizarre" than "brave." A more thorough look reveals that this isn't necessarily true (at least not in the examples provided by CREA). Still, a significant number of examples do show that "bizarro" has been used to mean "bizarre" and at least as far back as 1981. Furthermore, if you take a look at just those examples from the year 2000 and beyond, less than a fifth are examples of "bizarro" as "brave," but more than half are examples of "bizarro" as "bizarre."
Beyond CREA
Having said that, I noticed early on that I was having difficulty finding examples of “bizarro” used as “brave” outside of CREA. At first I thought I just wasn’t looking closely enough and was going to leave it at that, but curiosity got the better of me and I decided to take a closer look. The chart below is a synthesis of what I found:
As you can see, I found it very difficult to find examples where “bizarro” was used to mean “brave.” On occasion, I encountered an article that made me think the translation could go either way … for example is a chef with an adventurous appetite for disgusting food "bizarre," or "brave," or maybe both all at once? I also realized, after seeing this article here, that I couldn’t always assume that “bizarre” always meant “brave” when referring to something related to the military.
Another answer in this thread lists some examples from headlines, so I won’t clutter up this thread with the list I started to collect as I began studying this word “bizarro” more thoroughly, but, if you’d like, you can view it here. It isn’t a complete list. In other words, it doesn’t contain everything I looked at to produce the chart above, but it contains the type of example (e.g., headline or book*), name of the newspaper or title of the book, country, year, and meaning. If you take a look at it, you’ll see that it was much more common to find “bizarre” used as “brave” in books, but, even so, those examples I found typically reference texts or events in history that go back decades if not centuries ago. Now that I think about it, I don’t think I found even one example where “bizarre” was used as “brave” to refer to something current.
*Initially I was going to do a similar chart for books, but the data set that was returned was so small, it seemed ridiculous to include it. Later, I did wind up making a couple of charts for what I found in books, but please read the notes at the bottom of these charts if you do. Truth be told, I have a feeling that there exists more publications with "bizarro" in them than what Google's Ngram and Google's Book search returned for me, but I don't know that the results would be all that different.
To sum them up, "bizarro" as "bizarre" is found in more recent publications; "bizarro" as "brave" is found in older ones. As for popular culture, more recent publications make reference to the supervillian known as "Bizarro" but, rather bizarrely, none make reference to the band "Triángulo de Amor Bizarro," despite its prominence in news headlines during the last couple of decades. (If it's true that no books have been written about this band, what a missed marketing opportunity!)
Like I mentioned, the data sets are small for these charts, but if you want to take a look at them, you can find the one created from Google Ngram results here, and the one from a Google Books search here. Keep in mind that I was restricted to those books that either via preview or snippet allowed me to see "bizarro" in context.
As for location, it runs the gamut, but Spain seems to dominate, followed by Argentina and Mexico. A lot of headlines referred to the Galician band Triángulo de Amor Bizarro and because of that, Spain comes up quite a bit.
This examination of the headlines of online news articles (and books) clearly indicates that "bizarro" is being used to mean "bizarre." In fact, you’re far more likely to find examples where "bizarro" is used to mean "bizarre" than examples where "bizarro" means "brave," "gallant," or "generous."
At any rate, all of this certainly supports what was written in the Facebook post I came across, which claimed (right or wrong) that “bizarro” is more often used to mean “bizarre” than “brave.”
Collocations
To continue showing examples of how "bizarro" is used to mean "bizarre," take a look at the following collocations I found for "bizarro":
cine bizarro
mundo bizarro
bizarro versión
comportamiento bizarro
humor bizarro
I find it difficult to believe that "gallant," "brave," or "generous" are meant in any of the above collocations.
What does the Academy say?
For those of you who don't know, it is no easy task to maintain standards and consistency in a language that is spoken in at least 20 different countries. That the Spanish spoken in Mexico is the same Spanish that can be understood by those who live in Spain is no accident. It is through the concerted efforts of institutions such as the Royal Spanish Academy [Real Academia Española (RAE)] that standards of the language are maintained.
One of the ways in which this is accomplished is via judicious administration of the Diccionario de la Real Academia Española (DRAE). Words and meanings added to this dictionary are not added on a whim. Decisions on what should be added and what should be removed are not made lightly. However, at least as far back as 2010, this disconnect between the world’s most preeminent Spanish dictionary and actual usage has been noted. Despite any attempts to add "bizarre" to the meaning of "bizarro," the DRAE entry still looks like this:
despite headlines like this:
"Por fin puedes usar 'bizarro' para decir "raro"
but perhaps it is just a matter of time before we see it added to the DRAE.
Online Dictionaries
In the meantime, you can find "bizarro" translated as "bizarre" in online dictionaries such as Tureng, Wiktionary, and PONS, but both Tureng and Wiktionary seem to think that only certain Spanish speakers are using it to mean this, namely those Spanish speakers in Argentina, Chile, as well as Puerto Rico (if you extend the meaning to "weird"). It appears that Collins and WordReference may be holding out until the RAE makes the change.
Oddly enough, a search of "bizarro" via Reverso's context dictionary doesn't even list "brave" or any of the other definitions, but, and I suppose this is a bit bizarre, its dictionary (technically Collins), does list "gallant" and "brave" as primary meanings and "generous" as a secondary meaning.
Commentary on “bizarro” as “bizarre”: Advising against it, acknowledging it, accepting it
For your situational awareness, it appears that as late as 2005, reputable publications such as the Diccionario panhispánico de dudas (and more recently others) were advising against the use of "bizarro" as a word for conveying "extraño" (strange) or "extravagante" (extravagant), which is what the word "bizarre" can mean in both French and English. You can read more along these lines here. In it, you will find that one contributor has written:
... puede llegar un momento en que [el uso de "bizarro" como "bizarre"] sea general y se vean obligadas a aceptarlo.
Something veteran journalist (and professor) Graciela Melgarejo of La Nación echoes with this:
Por el tiempo transcurrido y la presencia cada vez más frecuente, hasta en diccionarios, esta acepción "extraña" de bizarro se va imponiendo a la de "Mi Bandera". Habrá que seguir el proceso de legitimización, si es que llega.
— “Entre bazares y vasares, una actitud ejemplar”, La Nación
But in more recent times, oh, say, the last five years or so, reputable publications have been brave enough to flat out go against the grain of convention and explicitly state that "bizarro" has two meanings. In addition to the article I already provided a link to — Por fin puedes usar 'bizarro' para decir "raro" — you'll find these:
La palabra bizarro tiene dos acepciones. Una ... se refiere a una persona extraña, peculiar o extravagante. Otra ... quiere decir valiente.
— "El mundo bizarro de Andrés Manuel", El Financiero (2019)
... el uso de "bizarro" con equivalencia a "valiente" o "gallardo" ya prácticamente nadie lo usa ...
— "57. bizarro: ¿extraño?, ¿extravagante?, ¿gallardo?, ¿ridículo?, ¿valiente?" Las malas lenguas: Barbarismos, desbarres, palabros, redundancias, sinsentidos y demás barrabasadas, by Juan Domingo Argüelles (2018)
Aunque parezca difícil de creer, la palabra "bizarro" no significa "raro", sino que funciona como un sinónimo de "valiente", "iracundo" o incluso "espléndido". Sin embargo, la Fundación de Español Urgente (Fundéu), organización que se encarga de velar por el correcto uso del idioma español, ha habilitado finalmente su uso para este propósito.
— "Ahora la palabra 'bizarro' se puede utilizar para decir 'raro'", El Observador (2016)
Others don't refer to its meaning as "brave" at all because, I'm assuming, in certain fields, its meaning as "brave" simply has no place contextually. For example:
BIZARRO. Adjetivo formado del español bizarro, bravo, con influencia semántica del francés bigazarré, abigarrado.
— "Bizarro". Diccionario Akal de Estética
The work briefly cited above was actually written by Étienne Souriau, a French philosopher best known for his work in aesthetics. I suppose this may have also contributed to the absence of any mention of "bizarro" as "brave," but the Spanish version of this book was published in 1998 by Ediciones Akal, a Spanish publisher based in Madrid.
Popular Culture
In addition to all of that, there exists some prominent uses of "bizarro" as "bizarre" in popular culture. Besides the nefarious character of DC Comics fame known as "Bizarro," there is also the Galician band "Triángulo de Amor Bizarro," and a Six Flags roller coaster called "Bizarro."
The first two definitely carry with them the meaning of "bizarre." (In fact, the band "Triángulo de Amor Bizarro" took its name from a song by the British rock band New Order — "Bizarre Love Triangle.") The theme of the roller coaster is that of the DC Comics supervillain, but I suppose one could make a case that you need to be "brave" to ride it, something of a moot point since you aren't likely to find a Six Flags in any Spanish-speaking country.
In addition to that, “bizarro” is also a genre of fiction writing, as well as a genre of film, the type that is described by some as “un subgénero cinematográfico de películas surrealistas, de terror e incluso ….”
So, clearly, there are a multitude of ways in which “bizarro” as a word used to reference the “bizarre” may be creeping into and out of the Spanish language.
Initially, I thought that the use of "bizarro" to mean "bizarre" or "extravagant" rather than "brave," "generous," "splendid," "magnificent," or "lavish," could be as high as 3:1 and that may have been true at one point in time, but when I took the time to dig a little deeper, it clearly does not seem to be the case now. (In other words, the ratio seems to be much higher.) In fact, you’ll have a hard time finding examples where “bizarro” is used to mean “brave” or any of the other definitions listed in the DRAE. Furthermore, this use appears to be present from Mexico to Argentina and a lot of countries in between (not to mention Spain itself). Consequently, and with no disrespect to the Royal Spanish Academy and its decision-making process, I think the time for adding "bizarre" as a meaning of "bizarro" is long overdue and its absence is something that many, quite frankly, find bizarre.
Correction: Thanks to fedorqui, I now know that the Spanish dictionary produced, edited, and published by the Royal Spanish Academy (RAE) is now referred to as the Diccionario de la lengua española or the DLE. Up until the 23rd edition of this dictionary, which was published in 2014, it was called the Diccionario de la Real Academia Española or the DRAE. A lot of people, Spanish natives and nonnatives alike, may not know this, so you may still see references to the DRAE, but whether you see DRAE or DLE, know that both are referring to the dictionary governed by the RAE.
