A virtual reality apparatus and method are described for tile-based rendering. For example, one embodiment of an apparatus comprises: a set of on-chip geometry buffers including a first buffer to store geometry data, and a set of pointer buffers to store pointers to the geometry data; a tile-based immediate mode rendering (TBIMR) module to perform tile-based immediate mode rendering using geometry data and pointers stored within the set of on-chip geometry buffers; spill circuitry to determine when the on-chip geometry buffers are over-subscribed and responsively spill additional geometry data and/or pointers to an off-chip memory; and a prefetcher to start prefetching the geometry data from the off-chip memory as space becomes available within the on-chip geometry buffers, the TBIMR module to perform tile-based immediate mode rendering using the geometry data prefetched from the off-chip memory.