The agency will work on a successor to the lager brand's 'You Know Who Your Mates Are' campaigns, which have been running since 2007 and were created by incumbent Beattie McGuinness Bungay.
VCCP Blue, VCCP's creative entrepreneurial offering, won the £3m account for another Molson Coors brand, Coors Light, from The Leith Agency in October last year.
The pitch involved BMB and Fallon at an earlier stage and the process was managed by ISBA.
Chris McDonough, marketing director at Molson Coors UK & Ireland, said: "The quality of work presented was outstanding and VCCP Blue offered an excellent proposition, which we believe can help us broaden Carling's appeal and consumer footprint, while maintaining its number-one status."
BMB retains the accounts for other Molson Coors brands, Cobra, Corona and Grolsch, having won the latter two in March.
Molson Coors' attempts to broaden the appeal of Carling have included hiring design agency Echo at the end of 2010.