Yes, holding your breath will cause the carbon dioxide levels in your blood to quickly rise. This will cause your blood to become more acidic (reduce it's pH). The body's respiratory drive goes off blood pH, as soon as the blood become slightly acidotic (for whatever reason) respiratory rate and depth increase.
As a conscious person you can only hold your breath so long before you're forced to draw a breath. In unconscious people the drive is still there but the airway may obstruct causing oxygen levels to fall, resulting in brain damage then death.