Is there anyway to download a 3d model and then render ,both at runtime.?

I am using WWW class to download a 3d model from a ftp server to Resources folder in my project.
But When i try to instantiate it using Instantiate(Resource.load(modelName)) as GameObject. Unity pops the error:
ArgumentException: The thing you want to instantiate is null.

3D model importers are not supported in builds. You would have to use asset bundles or wrap up your own importers.

Well, there’s obviously a problem in your code but, seeing as you haven’t posted it, it’s pretty impossible for us to help further than that. Have you considered purchasing an asset to help? e.g. Starscene Software - Unity Utilities - ObjReader

I believe there are also C# bindings for http://www.assimp.org/ which could be worth investigating.