If a token is exiled, can it return to the battlefield from the exile zone?

Tokens are not cards, and a defining rule of tokens is that they cease to exist as a state-based action whenever they are in any zone other than the battlefield. CR 110.5g states that a token that has left the battlefield cannot move to another zone and simply ceases to exist the next time state-based actions are checked.

So when a token is exiled, it does briefly enter the exile zone, which can matter for some triggered abilities (e.g., "whenever a creature is exiled"). However, the token then immediately ceases to exist due to state-based actions (CR 704.5d). After that, there is no token object in exile that could ever be returned to the battlefield.

This means any effect that says "return that card to the battlefield" or "you may cast that card" cannot bring the token back, because there is no card in exile — the token is simply gone. Even effects that specifically track the exiled object (like Flickerwisp or Conjurer's Closet) will find nothing to return.

Concrete example: Your opponent controls a 1/1 Goblin token and casts Path to Exile targeting it. The token is exiled, your opponent may search for a basic land, but the Goblin token ceases to exist in the exile zone. No effect can retrieve it — it is permanently gone.

Key rules: CR 110.5g (tokens cease to exist outside the battlefield) and CR 704.5d (state-based action removing tokens from zones other than the battlefield).