Yes, but not for creating real illumination. The illusion's details are completely invented by you, so you wouldn't be able to use it as a light source to reveal anything unknown to you.
Even using it as a deceptive illusion, it wouldn't be very useful. The image would only add the appearance of illumination within a 7½-foot radius of the illusory torch. That includes both "bright" light and shadows. Silent image has a 15-foot cube maximum area of effect, so you'd have to have a torch with "illuminated" surroundings limited to that size of sphere.
That is... not a very convincing torch. A real torch illuminates an 80-foot diameter sphere (bright light in a 20-foot radius, plus another 20 feet of dim light; PHB p. 153). That's five times too large to create a convincing image of a burning torch plus illuminated surroundings. You'd be limited to making an image of a guttering torch moments away from burning out, a torch inside 15-foot-or-smaller rooms (so long as nobody looks at the non-light spilling out a doorway), or using it at a very great distance from the observers so that a mere pinpoint of light would be convincing as... something emitting light far away.
For an intuitive understanding of the disparity in size, even the illumination of a candle (20-foot diameter sphere) is too large to fit correctly inside the area of effect of silent image. You'd have to make an image of a candle burning low before silent image was adequate to pull off this trick in a large space.
So yes, you can create the appearance of illuminated surfaces surrounding an illusory torch, in strict principle. But it's not real light, and even as an illusion it'll be a terrible illusion and the DM would be quite justified in giving observers a free "investigate" check to see through it every round, if the DM wanted to. (That's up to "a good DM" of course, but you can't dismiss it as relevant to the RAW because deciding the impact of illusions on NPC behaviour is inherently within the DM's sphere of authority.)
(That, without even getting into the issue of whether you accurately reproduced the lit-up appearance of the surroundings if your observers know it better than you do; also something that's just up to "a good DM", but is a likely hurdle for using silent image in this way under some circumstances.)