Can I withdraw my acceptance after I signed the Offer Letter?
Absolutely (assuming that we are talking about a 1st world country with no complicated visa situation).
There may be consequences of doing so. For example people in the company you've signed offer letter with are very unlikely to consider you for hiring in the future (including in future companies where they may be employed). In some extreme circumstances it could end in litigation, though that's mostly an academic possibility unless you've accepted some sort of a sign-on bonus.
Though I have to say that unless the agents came over with firm offers in hand I would not go burning a sure thing just yet, as you may wind up with no job and a recently burned bridge so make sure that you have everything aligned with another company first (or that you can take the possible unemployment).
If you decide to withdraw the letter, there are some mitigation strategies.
If stuck in the limbo of waiting for another offer you can stall the background check as this usually will require for you to fork over some documents which may take you some time to locate. While I personally would not choose this method as it's pretty sleazy, it is an option for sure.
Alternatively, and my perferred option, is to be honest with the company and tell them that you want some extra time to consider the offer. Do not give them a specific reason like "i got a better interview lined up" (even though it's obvious) as that will not help you, and then they can either say no - in which case you are where you wanted to be, or they can agree in which case you just bought more time to get a better offer somewhere else.
Imo either way you are better of than just outright going back on the offer.