A multi-camera vision system for a vehicle includes a plurality of video cameras having respective fields of view external of the vehicle. Captured image data is provided to and processed at a central data processor in order to detect objects that are within the field of view of at least some of the video cameras. The vehicle is equipped with a sensor system having at least one non-visual sensor that senses sensor data in a region external of the vehicle. The sensed sensor data is provided to the central data processor. A potential hazard present exterior the vehicle is determined to exist via processing at the central data processor of at least one of received image data and received sensor data.