This is copy-pasted from this thread:
http://discussions.apple.com/thread.jspa?messageID=9958895#9958895
It worked for me, hope it works for someone else too!
"Hi everyone!
I was struggling with the very same issue today, and to my amazement didn't find anything on the web to help me. But I did manage to solve it, and here's what I did.
Keep in mind though, that my particular issue was with iPhone tethering and that I had deleted my Bluetooth PAN profile and couldn't get it back though I tried everything.
First, I created a new Location in Network, in System Preferences. (I deleted my previous Locations.)
What I did then was that I went into the /Library folders, both the one at /user/library and the one at root/Library and when there, I went into the "Preferences" folder.
I deleted the following files:
com.apple.Bluetooth.plist
com.apple.internetconfigpriv.plist
com.apple.NetworkUtility.plist
com.apple.systempreferences.plist
(Deleting these shouldn't cause any problems as far as I can tell, as they're just preferencefiles, and if you just keep them in the Trash you could always put them back if you need to.)
I also deleted the "NetworkInterfaces.plist" file, though I'm not sure if it was in Preferences or somewhere else. Hope you find it as I think that it might actually be the key here. And this file did require me to give my admin password to get it deleted.
After this I rebooted and logged in. Then I went to Bluetooth in System Preferences, and chose to setup a new device, which was my iPhone. (I had also chosen "forget this device" on my iPhone so that everything would be as fresh as possible.)
I then paired with my computer and as I did that I got a notification that a new interface, the Bluetooth PAN, had been added. And this time it actually came up in the Network pane in System Preferences!
So, at least for me, this was the answer to my Bluetooth PAN -issues.
Hope it helps!
-Aslak "