depending on the exercise its a similar concept but not nearly the same.
Running utilizes the full body for a length of time. If you do a bench press, your only using a few upperbody muscles for maybe 1.5 minutes even if you do a 100 reps. It will have similar metabolic effects on those particular upperbody muscles as running does on the legs but nearly nothing for your heart unless your out of shape.
The closes you can get is to repeatedly squat for however long you would run, but then the weight would have to be so low you would be better off running.
What effect are you looking for?