A how-to on making a Dual-sensor ultrasonic echo locator by lingib, project instructables here:

This instructable explains how to pinpoint the location of an object using an Arduino, two ultrasonic sensors, and Heron’s formula for triangles. There are no moving parts.

Heron’s formula allows you to calculate the area of any triangle for which all sides are known. Once you know the area of a triangle, you are then able to calculate the position of a single object (relative to a known baseline) using trigonometry and Pythagoras.

The accuracy is excellent. Large detection areas are possible using commonly available HC-SR04, or HY-SRF05, ultrasonic sensors.

Construction is simple … all you require is a sharp knife, two drills, a soldering iron, and a wood saw.

Via Arduino Blog.

Check out the video after the break.