Colombia's Rigoberto Uran Uran claimed silver, with Norway's Alexander Kristoff third.
Great Britain's Mark Cavendish, the world champion, was unable to put himself in a position to attack late on as Vinokurov won the sprint for the line.
With a 12-man escape group established and rivals attacking all around them on the nine ascents of Box Hill, Britain remained calm, riding at Cavendish's tempo on the climb and at high pace on the descents and the flat.
The composition of the leading group altered, but Cavendish and his team-mates passed the summit of Box Hill for the final time with a deficit of 1.23 to solo leader Philippe Gilbert of Belgium.
Gilbert was caught as a group of 32 formed at the start of the long run-in to the finish and they established a lead of around one minute.
Riders appeared unwilling to take the initiative and there was a crash in the leading group in Richmond Park as Fabian Cancellara veered into the roadside barriers.
Vinokurov and Uran broke clear in the finale and the Kazakh launched his sprint with 400m to go, catching the Colombian by surprise, to triumph.
Cavendish finished well down the field.
Vinokurov will race in the Time Trial on Wednesday, after which he will consider retiring.
He said: 'It will be a nice way to finish off my career with a gold medal and I will still race in Time Trial on Wednesday but I have the gold medal I wanted and after that I will consider retiring.'
Uran Uran suggested Britain had missed out on a medal because they had put everything into trying to secure gold for Cavendish.
'It was very difficult to keep control,' he said. 'I think they lost a medal because they were thinking of Mark Cavendish all the time, and things got a little complicated.'
He also praised the crowds that lined the route, adding: 'There was no danger at all - if anything they encouraged us as they were cheering us on the whole time.'