We investigate the dynamics of homogeneous gravitational collapse of a massless vector field in the presence of a positive cosmological constant Λ. The corresponding density function ρ(a) obtained for the massless vector field is inversely proportional to the fourth power of the scale factor a(t). The variation of the scale factor shows that for 0 ≤ Λ < 1, we obtain the gravitational collapse of the vector fields leading singularity formation in a finite comoving time resulting in a Blackhole such that with increasing Λ, the singularity formation time, ts increases. For Λ = 1, we obtain a(t) = 0, thus limiting the maximum value of Λ, (w.r.t the initial density ρ0) for which the system could collapse under gravity.