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IoT data security is one of the core unresolved challenges in IoT community. Lack of resource-efficient authenticated secure key exchange methods among resource-constrained IoT devices makes man-in-the-middle attacks a serious vulnerability. In this regard, we propose 1(One) pass Authenticated Key Agreement (AKA) protocol for IoT applications. This protocol requires only one round of communication among the sender and receiver to establish a secure session, providing a balance between security (data confidentiality with integrity) and performance. We implemented and performed comprehensive power consumption and timing analysis of our implementation on Contiki platform to demonstrate the efficiency of the proposed protocol.