Algorithm for Items Best Fit/Arangement in a Box
Yes, there are plenty of algorithms.

Here are some existing literature about packing rectangles.


What algorithm can be used for packing rectangles of different sizes into the smallest rectangle possible in a fairly optimal way? 
Pack rectangular objects of different sizes in a fixed size rectangle? 
Approximation Algorithms for Rectangle Packing Problems. 
Optimal rectangle packing.


Here are some libraries that can be used readily.


Python 2D rectangle packing library
Rectangle packing program
Github topic on packing algorithms