The 24-year-old Getafe striker becomes Michael Laudrup's ninth summer signing, with the Premier League side also having the option to make the move permanent should they wish to
Goal exclusively revealed on Tuesday that Michael Laudrup was interested in bolstering his forward line with the Spain Under-21s international, with Wilfried Bony having arrived for a club-record £12 million earlier this summer.
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"He is a little different to the strikers we have and has the characteristics we have been looking for. He will give us a different option."
Vazquez, a product of Espanyol's academy, has seven goals in 14 appearances for Spain's U21s and returned from the 2011 World Youth Cup in Colombia as the tournament's joint leading scorer.
The 22-year-old becomes Laudrup's ninth summer signing - including Jonathan De Guzman's renewed loan move from Villarreal - and eighth Spaniard in the Swans' squad.
Along with Bony, Vazquez will battle last season's top scorer Michu for an attacking berth in the first team, with Laudrup previously admitting that he did not want his squad to be so reliant on goals from the midfielder-cum-forward.