Obviously, terminators can see and hear, but can they smell and taste, as humans do?
The Terminator (T-800) certainly has a sense of smell, as you can see from the image below from the 'biker bar' scene from T2 : Judgement Day.
The Terminator has cigar smoke blown in his face, which he correctly determines as "carcinogenic vapor".
In T3:Rise of the Machines we see the T-X Terminator using her tongue to sample blood. Note that the graphic shows that whilst she does this primarily as a means of delivering the blood to a DNA analyser, it also identifies (more immediately) that the initial sample contains "Material: Cotton" and "Blood".
In T3, the T-X samples blood with her tongue, implying some form of sensory input in the tongue.
As to whether or not they smell,
I don't recall anything from the movies. The closest I can recall is in T1, when the T-800 was rotting in the hotel room. I forgot about the smoke in T2, as mentioned by Richard.