Yes. You would say Je sais le faire in situations when, in English, you'd say "I can do it."

This may be true in Belgium, but “I can do it” translates more accurately to “Je peux le faire” right?

This also confused me, since my primary interpretation of the English phrase “I can do it” means BOTH that I know how to do it, AND there is nothing standing in the way of me executing my knowledge and actually *doing* it. To me, “Je sais le faire” feels intuitively like “I have the knowledge” without conveying that I have the time or means to act on said knowledge. Why is “Je peux le faire” not a better translation for “I can do it”?