Nope, you cannot exchange tokens in ACS. The only possible way to do this is if you can register your IP-STS as IdP in ACS (you can do this if your IP-STS supports WS-TRUST). This will throw you into a passive scenario.
The only possible way for the active scenario is to get the JWT token directly from ACS using Username / Password authentication using service identifiers . The required service identifiers in ACS do not manage the ASP.NET membership provider this way, but it does have a management API .
Possible authentication methods with a service identifier are password, symmetric key, X.509 certificate. So, if you just twist your original IP-STS enough to provide you with a symmetric key as an application in its JWT token, you can get the JWT token from ACS using Service Identity authentication with this symmetric key.
But if you already have a JWT token, why do you need another from ACS?
UPDATE
Well, complaint conversions are only an option in Passive mode. For the active mode, the only way (which I know) is to use service identifiers, thus, no claim transformations.
The problem with passive is that, for security reasons, ACS will create a hidden POST form so that POST passes the converted token to your Relying Party (RP) application. Thus, there is no way to actively get passive behavior. What you could only do for the sake of testing, and this will fail due to passive POST in a hidden form, is as follows: If you are willing to experiment (and I have not tested, and I absolutely do not know the result), you can try to simulate an action wsignin1.0 providing the original JWT token. You can view the WS-Federation Member Passive Request Profile , section 3.1 on how to create a login request. You can also use Fiddler to fully track the chain of events with a passive script. The one you are trying to recover is the wsignin1.0 request, which goes from the registered IdP back to ACS.
At some point, you will have the HTML code that contains the FORM element. This form will have two hidden fields - wa with the value wsignin1.0 and wresult , which will contain the URL <t:RequestSecurityTokenResponse xmlns:t="http://schemas.xmlsoap.org/ws/2005/02/trust">.... This is what you want.
If you can recreate the original SignIn request in ACS from your IdP, this will work.