In the words of Dwight Schrute, "That's debatable. There are basically two schools of thought..."
Some people swear that honey should never be heated, and others maintain that heating or chemical pasteurization is necessary. Regardless of your stance, it's undeniable that heating honey destroys it's aroma and flavor, so it's best to minimize the amount of heat added. Heating up to 37°C (98.6° F) causes loss of nearly 200 components, some of which are antibacterial. Heating up to 40°C (104° F) destroys invertase, an important enzyme. At 50°C (122° F), the honey sugars caramelize.
If you do heat, you can follow this pasteurization table:
Temperature Time (min)
123°F / 51°C 470
130°F / 55°C 170
135°F / 57°C 60
140°F / 60°C 22
145°F / 63°C 7.5
Do not heat pure honey, as it is difficult to keep it evenly mixed and at a uniform temperature. Instead, mix it with warm water.
If you choose not to heat, you can add metabisulfate (Campden) if you're still nervous about wild yeast or bacteria in the honey. However, many homebrewers don't pasteurize or add Campden to their honey, particularly when making meads and braggots. Because honey is hydrophilic, most bugs can't grow in it, so the risk of contamination is low.