He was born to an ethnic Armenian family in Kharkiv, Ukraine, where he grew up, studied and began painting. In the mid-1960s he moved to Moscow, where he worked at Literaturnaya Gazeta. In 1974 Bakhchanyan emigrated to United States, and lived in New York City, where he was active in the literary and art scene. There he collaborated with Russian and Soviet émigré writers Sergei Dovlatov, Alexander Genis, and Naum Sagalovsky, among others. He illustrated the last sixty-six journal covers of a leading democratic international Russian language magazine "Vremya i My",[4] published by Viktor Perelman.[5] He died on November 12, 2009, in New York City. According to Vagrich's last will, his ashes were scattered high in the Geghama mountains (Armenia), over a stone covered with ancient petroglyphs.[6]
According to Alexander Genis, Bakhchanyan "possessed a keen sensitivity to the absurdities of the Soviet regime. By developing and experimenting with inventive artistic strategies, Bakhchanyan broadened the range of expressive possibilities for other nonconformist artists. Many of his puns became an intrinsic part of Soviet dissident culture."
2006 - «Мух уйма (Художества). (Eddy of Flies: Artricks. Not by bread alone. (Menu-Collage), foreword by A. Genis. Yekaterinburg: У-Фактория (U-faktoria), 2006, 512 pages. ISBN5-9757-0027-2
2005 — «"Вишневый ад" и другие пьесы» (Cherry Hell and other Plays), NLO, Moscow
2010 — «Сочинения Вагрича Бахчаняна» (Essays by Vagrich Bakhchanyan), Publ. by G. Titov, Vologda, Russia