Have you installed any modifications recently or have you made any changes to your vBulletin Options - specifically in regard to your HTTP Header and Cookie Options?
In your 'includes/config.php' file, place the following on its own line and try to login afterwards:
Code:
define('DISABLE_HOOKS', true);
If (and only if) that does not work: upload the
tools.php file, contained in the
do_not_upload directory of the vBulletin Package from the vB.com Member's Area, to your Forum's AdminCP directory and run it. From there, choose to "Reset Cookie Domain" and "Reset Cookie Path".