This invention provides a vision system that is arranged to compensate for optical drift that can occur in certain variable lens assemblies, including, but not limited to, liquid lens arrangements. The system includes an image sensor operatively connected to a vision system processor, and a variable lens assembly that is controlled (e.g. by the vision processor or another range-determining device) to vary a focal distance thereof. A positive lens assembly is configured to weaken an effect of the variable lens assembly over a predetermined operational range of the object from the positive lens assembly. The variable lens assembly is located adjacent to a front or rear focal point of the positive lens. The variable lens assembly illustratively comprises a liquid lens assembly that can be inherently variable over approximately 20 diopter. In an embodiment, the lens barrel has a C-mount lens base.