The agency picked up the business without a pitch.
Karmarama was the incumbent on Cobra, having won the account in 2013.
The following year, Karmarama created a TV spot called "live smooth", which featured an enigmatic spokesman called The Boss. It aimed to ditch the brand’s reputation as a beer that people only drink with a curry.
Karmarama is still working on a campaign for Cobra that will be released later this year.
VCCP already handles two Molson Coors brands. It has overseen the creative business for Grolsch since 2014 and for Coors Light since 2011.
The consolidation is part of a restructuring at Molson Coors that follows a decline in profits at the company.
Molson Coors has used ZenithOptimedia for its UK media since 2009. The Publicis Groupe shop retained the £15 million account in 2014.
A company spokesman said: "Molson Coors are consolidating the advertising remits of its three leading world beer brands to one agency. This will see Cobra and Staropramen join Grolsch under VCCP Blue."