Location estimation in wireless sensor networks (WSNs) has received tremendous attention in recent times. Improved technology and efficient algorithms systematically empower WSNs with precise location identification. However, while algorithms are efficient in improving the location estimation error, the factor of the network lifetime has not been researched thoroughly. In addition, algorithms are not optimized in balancing the load among nodes, which reduces the overall network lifetime. In this paper, we have proposed an algorithm that balances the load of computation for location estimation among the anchor nodes. We have used vector-based swarm optimization on the connected dominating set (CDS), consisting of anchor nodes for that purpose. In this algorithm, major tasks are performed by the base station with a minimum number of messages exchanged by anchor nodes and unknown nodes. The simulation results showed that the proposed algorithm significantly improves the network lifetime and reduces the location estimation error. Furthermore, the proposed optimized CDS is capable of providing a global optimum solution with a minimum number of iterations.