Yes, there are already many apps in the market to create palettes but they are all only simple color pickers. Palette Buddy is more then this, it got different edit modes to calculate a color palette depending on a chosen base color. There are modes to spread the colors over the color space, get different tones of the same color and more.
Use the opportunity to get the .apk installer of Palette Buddy 1.0.8 for free and have a look at users' reviews on Droid Informer. This installer requires 710 KB of disk space and it runs on Android devices 2.1 and above. The antivirus report shows that the app is completely safe. Eclectick Studio S.L. is the creator of this application that can be found in the Productivity category.
The most recent update of the tool was launched on Aug 29, 2013 and Palette Buddy has been set up by over 10K users. The overall rating for the app is 3.6 on Google Play.