Turns out, today's advancement in technology and research have brought this sc-fi cloaking fantasy to reality with nanotubes... Check out the video demo below!
The cloak itself is composed of a thin transparent layer of highly-aligned carbon nanotubes, which are known for their ability to conduct and disperse heat. This sheet is drawn taught on a mounting apparatus, and then placed in front of the object that needs to be hidden. When viewed through the clear sheet, the object is completely visible.
When an alternating electric current or a pulse of electromagnetic radiation is ran through the sheet, however, it becomes hot, and also spreads that heat to the air immediately around it. This causes a steep temperature gradient, which in turn causes light rays reflecting off the object to bend, instead of proceeding straight to the viewer's eye. As a result, the object seems to disappear.AWESOME...!
The effect is said to be similar to the mirage effect we see on the highway on hot days.