IF you check the trouble codes from your ECM/computer and they tell you something like "Catalyst Efficiency, Bank 1" it very well could be a faulty O2 sensor. In my experience, for some odd reason when you replace one O2 sensor another will fail or throw a code. I think your 96 Bronco has three total, one on each side of the y-pipe prior to the two catalytic converters and one aft or behind the cats. Unless you replace all three O2 sensors at the same time, you may be going in circles replacing one after another. IF you check the codes periodically and this is the only trouble showing up, and the performance and mileage are normal, you can live with it without any harm to the motor. IF you can't live with it and are constantly bothered by the check engine light, I would advise changing all sensors at the same time. YOu will see them located in the exhaust pipes, and they simply unscrew from the pipes. SInce they are in the exhaust stream, they can become corroded or fused to the pipes and be a bear to remove.