The vibration damper with an adjustable damping force includes a cylinder filled with a damping medium, a piston rod axially movable in the cylinder and carrying a piston which divides the cylinder into a first working space on the piston rod side and a second working space on the side away from the piston rod, a first adjustable damping valve which is connected to at least one of the two working spaces by means of a fluid connection, at least one second valve which is connected hydraulically in parallel to the first adjustable damping valve, and a third damping valve arranged in series to and upstream from both the first and second valves, the third damping valve moving in a closing direction as a function of a flow velocity of the damping medium through the third damping valve.