"Do you know the way?"
Translation:Você sabe o caminho?
Yup. Thats also correct. rumo is a more restrict word, i mean, it doesnt sound good in every context. Caminho is way, like a path, or with a symbolic connotation. Rumo is not used that much and most of time it takes the meaning of "inner way", "decisions we need to make",... those things...