Dielectric response of Ba0.95Pb0.05TiO3 ceramics doped with 0.1 and 1 wt.% of Co2O3, synthesized by conventional high-temperature method, was studied in wide temperature and frequency range. The temperature dependences of the real and the imaginary parts of dielectric permittivity of the ceramics were compared with those of BaTiO3 and Ba0.95Pb0.05TiO3. The addition of Co3+ ions results in a broadening of dielectric anomalies related to the transition to paraelectric cubic phase, and the structural transition between the tetragonal and the orthorhombic phases. At low temperatures (125–200 K) the dielectric absorption of Co-doped Ba0.95Pb0.05TiO3 ceramics was found to exhibit relaxor-like properties. The dielectric response has been found to contain the contributions characteristic of fluctuations of the polar nanoregion boundaries and reorientations of the dipole moments between allowed directions in the nanoregions in the rhombohedral and the orthorhombic phases. The behavior speaks in favor of ordering of polar defects in the host lattice of Ba0.95Pb0.05TiO3 in a form polar nanoregions.