A LPM search engine includes a plurality of exact match (EXM) engines and a moderately sized TCAM. Each EXM engine uses a prefix bitmap scheme that allows the EXM engine to cover multiple consecutive prefix lengths. Thus, instead of covering one prefix length L per EXM engine, the prefix bitmap scheme enables each EXM engine to cover entries having prefix lengths of L, L+1, L+2 and L+3, for example. As a result, fewer EXM engines are potentially underutilized, which effectively reduces quantization loss. Each EXM engine provides a search result with a determined fixed latency when using the prefix bitmap scheme. The results of multiple EXM engines and the moderately sized TCAM are combined to provide a single search result, representative of the longest prefix match. In one embodiment, the LPM search engine supports 32-bit IPv4 (or 128-bit IPv6) search keys, each having associated 15-bit level 3 VPN identification values.