Arduino and HC-05 Bluetooth - Urgent

Well, that will not work.

From this Sparkfun page:

Application Dont’s

As tempting as it may be to use a voltage divider to step down, say, a 12V power supply to 5V, voltage dividers should not be used to supply power to a load.

Any current that the load requires is also going to have to run through R1. The current and voltage across R1 produce power, which is dissipated in the form of heat. If that power exceeds the rating of the resistor (usually between ⅛W and 1W), the heat begins to become a major problem, potentially melting the poor resistor.

That doesn’t even mention how inefficient a voltage-divider-power-supply would be. Basically, don’t use a voltage divider as a voltage supply for anything that requires even a modest amount of power. If you need to drop down a voltage to use it as a power supply, look into voltage regulators or switching supplies.

You can use a linear voltage regulator like the LM1117 3.3 or there are many switch mode converters available to drop 5V to 3.3V.