School spokesman Larry Leathers confirmed the dismissal on Wednesday. The Tennessean first reported the move.
Seymour was on the depth chart released Tuesday but was not at practice Wednesday. Coach Derek Mason tells The Tennessean the fourth-year junior remains in school and is scheduled to graduate in May.
Seymour ran for 14 touchdowns last season. But he has had only 25 carries for 123 yards this season and didn't play against Florida on Nov. 8. Seymour was suspended from Vanderbilt's 21-20 win over Charleston Southern last month.
Junior running back Brian Kimbrow was dismissed last month.
The Commodores visit No. 4 Mississippi State on Saturday night.