Is there a way to create a 3D object in action from artwork?
You would go the svg route which imports it as a bunch of 3d shapes
Works ok for text etc but really depends what 3d object entails
So no way from, say a jpeg of a logo, or a matte I’ve created?
Basic logos and shapes work just fine. You can make the emblem of an automaker and extrude it to give it depth and dimension, I just wouldn’t try to build a car.
Don’t be a wuss Naveen 
I can’t wait to see the All-New 2027 Osis. Photorealistic and made entirely in Flame.
It already exists but it’s patent pending and out of your price range, it’s not open source
I’ve used SVGs successfully with logos, etc. Just be aware that the colors and textures might not/probably won’t map on exactly as you hope…
This is purely for temps
Displacemap the sh!t out of your matte. Set your surface resolution to 2, you’ll want to blur your matte anyhow.
*Displacement is a good option to explore. But just know that even at high resolution (“low” settting in Flame), the edges likely won’t be as clean and solid as an SVG 3d object. High polygon displacement can also significantly slow down your processing. But def worth looking into.