A threesome involves three consenting adults participating in sexual activity at the same time. Either the threesome would involve you, your boyfriend and another girl, or you, your boyfriend and another male. You’d be able to see your partner being sexually active with another person, which can inspire a lot of jealousy. There are also issues of trust and safety to consider, as well as contraception.
Sex is more than just a physical activity, and the emotional side of a threesome can be difficult and destructive. Talk to your boyfriend about why he feels this is a good idea. Things that are harmless as fantasies are often very different in real life, and it may be better that this is better kept as a fantasy.