The forward gave the hosts the perfect start as he latched onto a long-pass from Ben Chilwell and chipped Aaron Ramsdale in the 12th minute. Eddie Howe's men hit a quickfire equaliser with a clinical finish from Callum Wilson only a few minutes later.
Youri Tielemans then put the Foxes ahead again just before the break, with Vardy getting on the scoresheet yet again midway through the second-half to take Leicester to third in the Premier League table.
Story of the Match
Stunning start in the East Midlands
It was an entertaining clash in the East-Midlands but it was Brendan Rodgers' troops who were the better side and they hit a deserved opener early on. A long ball forward from Chilwell picked out Vardy, with the former England forward taking a stunning first touch. Noticing Cherries' keeper Ramsdale was advanced, his second touch was equally as brilliant as the ball was lifted up and nestled into the far corner of the net.
However, the hosts were not ahead for long as a fantastic reverse ball from Ryan Fraser saw Callum Wilson played through. The forward stayed cool to finish expertly over Schmeichel, with the ball finding the net via the far post.
James Maddison then also went close to regaining the lead but his diving header drifted just wide of the Bournemouth goal. Caglar Soyuncu also had an effort from range that also flew just off target.
Tielemans off the mark
With Youri Tielemans being brought back to the King Power Stadium over the summer for a pricely sum, it was only a matter of time before he opened his account for the season. That is exactly what happened just before the break as man-of-the-match Vardy found the Belgian with a great, low cross with the midfielder toeing the ball home off the post.
From that point, it never seemed like Leicester would relinquish their lead but their task might have been hampered had Tielemans saw a red card for a crunching tackle on Callum Wilson but VAR let the midfielder off the hook.
Adam Smith should have equalised as a good move from the visitors saw him in space on the right but Leicester defenders did well to get back and crowd him out.
Vardy doubles up for the day
The points were sealed midway through the second-half though as Vardy again had another say on proceedings. A defensive mix-up in the Bournemouth box saw the ball fall to Tielemans. He then rolled it into his teammate and via an outstretched boot, it was sent beyond the stretch of Ramsdale and into the bottom corner.
He could have had a hat-trick as substitute Demarai Gray showed fantastic skill and pace to get the byline but he just failed to pick the striker out with his low pass.
Three goals were enough for the victory in the end though as the Foxes rise to third in the Premier League table, whilst Bournemouth fall to 16th.
Whilst Leicester forward Jamie Vardy has had to adapt his game as he has got older, this match really was him at his best. As in the 2015/16 title-winning season, the Foxes were searching for him in-behind at every opportunity - epitomised in the brilliant finish for his first strike.
He also displayed his predatory instincts as well to tuck home his second in a game where the Bournemouth defenders struggled to cope with the forward.
For all of their possession at the King Power Stadium, Howe's troops really struggled to create any real chances of note - especially in the second-half. Callum Wilson worked hard throughout the match and struck a great finish but there was no real cohesion to the Bournemouth attack throughout the majority of the match.
The hosts found it relatively easy to defend against with both Jonny Evans and Caglar Soyuncu putting in particularly dominant performances.
Tielemans lucky to stay on?
One aspect that will aggrieve the Cherries is the fact that goalscorer Youri Tielemans was allowed to remain on the pitch. The former AS Monaco man crunched in on Callum Wilson and on second viewing, the challenge was a shocker.
However, following VAR's intervention, he was allowed to remain on the field. Again, it shows that the system still needs more perfecting.