"Is my bag around you?" sounds odd to me. Although it's possible that my bag could be physically around you, it's more likely that you would want to ask "Is my bag [close to/ next to/ beside/ near] you?" You could also ask "Is my bag around here?"
As a native English speaker, this sentence is quite unnatural. It sounds like you have been surrounded or enveloped by the bag. A better sentence would be 'Have you seen my bag around here?' or something similar.