Yes. You can catch Latias OR Latios. It depends on what game you're holding on to right now.
They can only be found by random in tall grass or water when you've heard about the two from Steven. For Steven to come, you have to fix the Power Plant by retrieving a gear from a Rocket. Then go to Saffron City and meet up with the "Copycat", who is in the second floor of a pink house. She wants you to find her Clefairy Pokedoll. You can find it in the Vermillion Fan Club. Then exit, and you're stopped by Steven. Kind of complicated, but easy.
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That's not possible latias and latios are caught in ruby, sapphire or emerald you must trade them to firered to get them.
If you saw the news on latios/latias that means you have already defeated the elite four and now you can catch the latis, you can still beat the elite four if you want but for fun catch the latis then destroy the elite four with them.
Latias and Latios
you go fly in the air and catch him with a net
Latiasyou cant find latias in Pokemon ruby you can only find it in sapphire. in Pokemon ruby you get latios no, you get latias in ruby and latios in sapphire because of the colour, Latias is red means ruby,latios is blue so means sapphire. your right above me but you got it mixed up. No its latias in sapphire and latios in ruby trust me i took forever trying to catch latias in sapphire and i finally did.