In this paper, we introduce a generalized vector valued paranormed double sequence space F^2 (E, p, ƒ, s), using modulus function ƒ, where p=(pnk) is a sequence of non-negative real numbers, s≥0 and the elements are chosen from a seminormed space (E, q(subscript E)). Results regarding completeness, normality, K^2-space, co-ordinatewise convergence etc. are derived. Further, a study of multiplier sets, ideals, notion of statistical convergence and (pnk)-Cesáro summability in the space F^2 (E, p, ƒ, s) is also made.