I have a requirement where I need to show/hide the picklist values in the lightning component where I am using the lightning path to show picklist values and based on the other picklist field value I need to show/hide some values on the lightning path. Is it possible or not?
As mentioned in below link, you can set record type to update picklist values in lightning path. Dynamically update Lightning path (Chevron)
If this is not meeting your requirement, you will have to do a custom development of lightning path(which will accept list) using slds. With custom development you can update on path based on other picklist values. Refer to below link for slds path. https://www.lightningdesignsystem.com/components/path/#site-main-content