A vehicular multi-sensor system includes a plurality of sensors that include at least a camera and a 3D point-cloud LIDAR. The forward-viewing camera views (i) a traffic lane of a multi-lane road being traveled along by the equipped vehicle and (ii) another traffic lane of the multi-lane road, and the field of sensing of said 3D point-cloud LIDAR sensor at least encompasses the other traffic lane of the multi-lane road. Image data captured by the forward-viewing camera is provided to and is processed at an electronic control unit (ECU). 3D point-cloud LIDAR data captured by the 3D point-cloud LIDAR sensor is provided to and processed at the ECU. Responsive at least in part to processing at the ECU of 3D point-cloud LIDAR data captured by said 3D point-cloud LIDAR sensor, the ECU detects a traffic participant or pedestrian or other vehicle present exterior of the equipped vehicle.