The Vin pin on the Bluno Nano is connected to the internal regulator that can take an input voltage of 6V to 20V and outputs 5V.
The external 5V USB (or any other external regulated 5V connected on the 5V pin) bypasses the regulator.
When both Vin and USB/5V are connected, the power source is automatically selected to the highest voltage source (Schottky Diode between USB voltage and regulator output 5V).
How much current does your sensor consume ?
While you power your Bluno Nano from the external 7-12V power supply, you can probably power your sensor from the 5V pin on the Bluno Nano.
First you will need to be sure that your sensor doesn’t consume too much current since the internal 5V regulator of the Bluno can only provide 500mA.
The best way to do this is to use an external 5V output regulator to power your sensor as this 5V, 600mA Step-Down Voltage Regulator D24V6F5