Optical tracking and triangulation of target objectsare quite challenging when the object is moving in the three dimensions. The task can be accomplished through Electro-Optical Tracking Systems. But ground based tracking systems can only track objects that are flying at high altitudes. For this reason, our project proposes a system that successfully localizes, tracks and triangulates both air-borne and ground-borne target objects, using the concept of aerial Electro-optical tracking systems, via the use of UAVs, namely quad-copters. Our project uses two quadcopters, individually equipped with an on-board camera and a companion computer that tracks a desired target object using image processing and sends the data to the ground station. The received data from the two drones are used to triangulate the objects location in real time at the ground station,along with virtual visualization of the entire triangulation in a 3D application and a User Interface application.