To simplify the calculation let's consider a light object of mass $m$ falling towards a heavy object of mass $M$. The reason this simplifies things is that we can treat the large object as fixed and just work put what happens to the light object as it falls into the gravitational field of the large object.
We'll also assume that the light object starts its fall with a negligible velocity i.e. with a kinetic energy of approximately zero.
Now we can work out the speed of the falling object just from conservation of energy. The object starts out with zero kinetic energy and zero potential energy so its total energy is zero, and conservation of energy means the total energy has to remain zero. When the object has fallen to a distance $r$ from the large object Newton's law of gravity tells us that its potential energy has become:
$$ V = -\frac{GMm}{r} $$
Since the total energy has to remain constant at zero that means the kinetic energy, $T$, has to be equal to $-V$ so that $T$ and $V$ add up to zero. That means:
$$ T = +\frac{GMm}{r} $$
And we know that kinetic energy is $\tfrac{1}{2}mv^2$ so we get:
$$ \tfrac{1}{2}mv^2 = \frac{GMm}{r} $$
Your question asks if there is some distance where the speed $v$ becomes greater than the speed of light $c$. If we set $v=c$ in our equation and rearrange it to find $r$ then we get:
$$ r = \frac{2GM}{c^2} $$
But ...
This distance $r$ has a special significance in general relativity. It is the radius of a black hole of mass $M$ and it is called the Schwarzschild radius. This means two things:
this could only happen if our large mass $M$ is a black hole
because relativity is involved we can't use Newtonian mechanics to analyse the motion of the falling object
You probably know that for fast moving objects time is dilated and length is contracted. Both effects become important as an object accelerates towards a black hole and as a result it does something very strange. Initially it accelerates towards the black hole, but then near to the event horizon it starts slowing down and eventually (given infinite time) comes to a halt at the horizon. At no point does it ever exceed the speed of light.
If you're interested in the details I do the calculation in my answer to Will an object always fall at an infinite speed in a black hole? The maximum speed the object attains is about $0.38c$.
So the answer is that no, an object cannot fall towards another object faster than the speed of light.