The Idle Air Control (IAC) valve on a 1994 Ford Bronco with a 5.8L engine is located on the throttle body. It's a small, usually cylindrical, electrically controlled valve mounted directly to the throttle body itself. You'll likely find it on the side of the throttle body, facing the engine, often near where the throttle cable attaches.
To be certain, a visual inspection with the throttle body exposed is recommended. You can refer to a repair manual specific to your 1994 Ford Bronco 5.8L for a diagram showing its exact location.
