Called Treasure Tag, the device is a smart fob that can be attached to you keys -- or any object -- and then paired using NFC or Bluetooth 4.0 with a Lumia smartphone to link the two devices, TechCrunch reported Wednesday.
If either the phone or the tagged object move out of range of each other, an alarm sounds on both to alert the user that something is not where it should be.
The Treasure Tag app on the phone can locate a lost tagged item, such as your keys or bag, on a map -- but only if you are in range of it. Otherwise, it can only report the last known location.
As many as four different tags can be simultaneously connected to the smartphone app, which features icons to identify items -- such as a key icon -- or a user can use a photo of the tagged object.
Each tag is powered with a standard replaceable coin cell type battery with a life of "up to 6 months," Nokia said.
Nokia said it expects the Treasure Tag to go on sale in April for $29.90.