Hello, you can change the word but you will of course change the meaning! But also, no you can't because it's a fixed phrase of sorts.
Bitch has specific connotations, it will convey a slightly different idea than "Karma is a bastard" let's say. So think about what is the message you want to communicate. Using swear words, would imply that 'karma' enjoys getting its own back, and is a little heartless (well at least to me).
BTW we have a common phrase for the same basic idea that is completely acceptable, it is "what goes around, comes around". So what you send into the round world, will fly right round and come back to you. This, unlike your original sentence perhaps, could be used in a positive way. EG I always help my friends because I reckon what goes around comes around. Although to be honest we normally mean it from negative actions.
Possible options, all NonStandard, my inventions off the top of my head!
Karma is blind
Karma is heartless
Karma is an angry jilted lover