We present a self-consistent scheme to study the localization of a light particle obeying quantum mechanics immersed in classical simple fluids. The interparticle correlations between the particles of the host fluid are analyzed with the Percus-Yevick approximation using the Lennard-Jones potential. The interaction between the light particle and the fluid particles is represented by a contact potential. The Percus-Yevick approximation is also used to describe the density distribution of the fluid particles around the light particle. The effective potential acting on the light particle and the wave function of the light particle are self-consistently determined by the coupled Percus-Yevick and Schrodinger equations. The formalism was used to investigate ortho-positronium localization and annihilation in liquids He and Ne. The theory is found to be in fairly good agreement with existing experiments.PACS number(s): 51.90.+r, 71.50.+t, 78.70.Bj