Brain encoding models not only serve to decipher how visual stimuli are transformed into neural responses, but also represent a critical step toward visual prostheses that restore vision for patients with severe vision disorders. Brain encoding involves two fundamental steps: achieving faithful reconstruction of neural responses and establishing cross-modal alignment between visual stimuli and neural responses. To this end, we propose ViBE, a novel brain encoding framework for generating magnetoencephalography (MEG) and electroencephalography (EEG) signals from visual stimuli. Specifically, we first design a spatio-temporal convolutional variational autoencoder (TSC-VAE) that captures the spatio-temporal characteristics of M/EEG signals for effective neural response reconstruction. To bridge the modality gap between visual features and neural representations, we employ Q-Former to map CLIP image embeddings to the TSC-VAE latent space, producing neural proxy embeddings. For comprehensive cross-modal alignment, we combine mean squared error (MSE) loss for point-wise feature matching with sliced Wasserstein distance (SWD) for probability distribution alignment between the neural proxy embeddings and TSC-VAE latent embeddings. We conduct extensive experiments on the THINGS-EEG2 and THINGS-MEG datasets, demonstrating the effectiveness of our approach in generating high-quality M/EEG signals from visual stimuli.