AFAIK has two open source engines:
irrlicht
oolongengine
I don't know much about irrlicht, but there are a few things about it on stackoverflow.com. I think they have been supporting iPhone development for quite some time. Oolong tea seems to have a complicated learning curve because the documentation is not enough and you need to subscribe to the good old mailing list.
If you are an Indie developer with less than $ 100k / year, the Bork 3D engine , it's worth a look - you just have to pay $ 49. There is one drawback that you do not have support for the blender, and you need to check if collada files are useful if you are not using a commercial 3D modeling tool.
Just found this in my bookmarks :-) This is a bit outdated, but a good place to start an investigation:
IPhone Game Engine Comparison - Open Source
Kay
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