Yes. Effects on Humans: Turpentine is a skin, eye, mucous membrane, and upper respiratory tract irritant in humans. It may also cause skin sensitization and central nervous system, gastrointestinal, and urinary tract effects.
Chronic exposure: The signs and symptoms of chronic exposure to turpentine include dermatitis or eczema, with irritation, redness, swelling, and small or large fluid-filled blisters on the skin. Workers exposed to terpenes (a principal component of turpentine) for longer than 5 years may also be at greater risk of developing lung cancer.
You can check for more details on this site under "health hazard information": http://www.osha.gov/SLTC/healthguidelines/turpentine/recognition.html