This paper presents VLCache, a cache reuse framework that exploits both Key-Value (KV) cache and encoder cache from prior multimodal inputs to eliminate costly recomputation when the same multimodal inputs recur. Unlike previous heuristic approaches, we formally identify the cumulative reuse error effect and demonstrate how to minimize the non-prefix cache reuse error effectively. We further analyze the varying importance of model layers and propose a dynamic, layer-aware recomputation strategy to balance accuracy and efficiency. Experimental results show that VLCache achieves an accuracy on par with full recomputation, while requiring only 2-5% of the tokens to compute, yielding 1.2x-16x TTFT speedups. We develop an experimental implementation of the proposed VLCache pipeline based on SGLang, enabling significantly faster inference in practical deployments.