You need to define your question a little better. Let me run through some possible questions.
Can you locate a Bluetooth emitting object in a 3D environment? Yes, Bluetooth is radio waves, with the right equipment locating that would be trivial. In fact with the right equipment attached to the phone you could radar map the entire room and find the object that way. Can a standard phone do this? No, as mindless1 notes you would need specialty hardware to do either of these things.
Another idea is that you could use Bluetooth to send accelerometer and GPS data from the device to a phone to get rough detection, location, and tracking.
There are a number of other ways that this could be done as well. You could use the camera on the phone to track the object.