An exterior mirror system for a vehicle includes driver-side and passenger-side exterior rearview mirror assemblies including respective driver-side and passenger-side light modules and driver-side and passenger-side cameras. The light modules provide a driver-side indicator and a passenger-side indicator. The driver-side light module and the passenger-side light modules are disposed at respective mirror housing portions and move therewith when the exterior mirror housing portion moves relative to the mounting portion between its normal operating position and its folded position. The driver-side camera and the passenger-side camera are part of a multi-camera vision system of the vehicle, and the multi-camera vision system has a display device that is operable to display images for viewing by a driver of the vehicle. The displayed images displayed by the display device may include an image portion derived from image data captured by at least one of the driver-side camera and the passenger-side camera.