Traditional cooperative localization schemes often rely on centralized information sharing to implement the joint power and bandwidth allocation for localization error minimization. In order to minimize the sharing overhead and reduce the implementation complexity, we propose a low complexity distributed power and bandwidth allocation scheme for high accurate collaborative localization. By decomposing the expected global squared position error bound (SPEB) into individual ones, our proposed scheme is able to determine the power and bandwidth distributively with limited information exchange overhead. Through analytical and numerical examples, we show that the proposed collaborative scheme can achieve about 11% mean square localization error improvement and offer over 71% complexity reduction for six agents, if compared with the traditional iterative searching schemes.