Is it possible to use the Sensors for this

I am doing a project that needs to sort objects. I have two objects that are same in weight, size, and common traits. Their only difference is black and white. Is it possible to use arduino and senors, leds, etc. to pick up the black and white objects and send the information to our apperatus to sort them?

Yes, that's possible.
You have to use a light or led and a light sensor.
It is a very simple task and the Arduino can do that very quick.

You have to try a few things to learn what the best sensor and light is.

Look for IR reflectance sensors used for "line following" robots. pololu.com sells a few and provides theory/schematics/instructions.