YES! There is!
Manafest is actually pretty good, though almost nobody knows who he is, especially the songs Impossible and Skills.
Group 1 Crew's new album Ordinary Dreamers is awesome, I wrote a full-blown review of it on my music blog if ya wanna check that out.
toybMac has 3 good albums...out of 3. Momentum is solid rap, Diverse City is pretty much too, but he moves towards more of a pop sound with Portable Sounds.
Some people like GRITS, I'm not that big of a fan...
KJ-52 is hilarious, but he still does serious stuff. He may not be good music-wise, but he's got the lyrics nailed. You got him doing Coke, Fry and a Cheeseburger on one hand (or Mountain Dew Anonymous) and Dear Slim on the other. His all-time greatest is Do Yo Thang, its genius.
P.O.D. plays nu-metal, but a lot of their stuff has rap vocals, like Youth of the Nation.
TFK also plays rapcore and nu-metal (BTW, they're featured on some of Manafest's stuff), and Falling Up's first album had a couple songs like New Hope Generation and Jacksonfive that were solidly rap (mostly the stuff they did collab with Kutless on, though they've also got Demon Hunter on Jacksonfive, yes, a Death Metal band on a rap track, and its freakin' awesome).
There's also, of course, Jordin Sparks (and no, we aren't talking about our friend Jordy here.

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Family Force 5 is awesome. They're stereotypical dirty south crunk sound (Kountry Gentleman, anyone?), but their lyrics are actually clean...
And then there's John Reuben, Lyrycyst and Shawn Lock, but I'm not too familiar with them.
Here's my playlist-
http://www.imeem.com/nbarden/playlist/R25Kcxio/christian_rap_music_playlist/So...recommendations- Manafest, Family Force 5 and Group 1 Crew.