For iOS 5 or 6 - nothing built-in. You need to use a third party library.
For iOS 7 there is a AVSpeechSynthesizer API.
Here's a simple example:
AVSpeechUtterance *utterance = [AVSpeechUtterance
speechUtteranceWithString:@"Hello world"];
AVSpeechSynthesizer *synth = [[AVSpeechSynthesizer alloc] init];
[synth speakUtterance:utterance];