A photon can theoretically create an electron-positron pair, but the process requires careful consideration of energy and momentum conservation. The energy of the photon must equal the combined rest mass and kinetic energy of the electron and positron, calculated to be approximately 2.33982 x 10^-13 J. However, the discussion highlights that without additional information about the momentum or direction of the particles, it's impossible to determine the exact wavelength of the photon. The conversation also emphasizes that a real photon cannot directly convert into an electron-positron pair, suggesting the need for a virtual photon in such scenarios. Overall, the problem illustrates the complexities involved in particle physics and the importance of precise definitions in theoretical discussions.