Yes, there is. It is possible to act simultaneously as a Central and Peripheral device, but be aware if u are using IBeacon technology, IBeacon scanner will intercept peripheral device and stop it from reaching your central scanner. (Meaning it cannot be an IBeacon and a peripheral at the same time and u would have to stop advertising beacon before becoming a peripheral)
To create a "two way connection" in that way u would neeed to implement both CBCentralManagerDelegate and CBPeripheralManagerDelegate and initiate subsequent classes. After establishing "C - > S" connection, u would need to "tell" S how to correctly identify C, then initiate your second connection.