Yeah - but it isn’t cheap. You have a couple of options:
Something like the Maxbotix EZ-2, EZ-3. Not super-expensive, but can cost more than say, a PING.
Maxbotix WR-1 - long range, narrow beam, but not cheap!
SensComp 600 - fairly narrow beam, fairly long range - but not cheap (cheaper than the Maxbotix WR-1, though).
All of them should be able to be interfaced with the Arduino - but you want to know a “secret”? The SensComp 600 is based off the same transducer and driver system as was used in old Polaroid cameras (Sun 660, Spectra, etc) - just updated to make it smaller, maybe a little more efficient. However, you can buy old Polaroid cameras usually for almost “nothing” at thrift stores; there is plenty of info on the internet about converting them for use with a microcontroller and/or computer.
The only problem with longer and narrower beam systems in ultrasonic applications is that they tend to have trouble with ranging close-up objects (< 1-2 meters), so keep that in mind; you might need a “close-up” ranging system vs a long-ranging system.
Hope this helps…