The Iranian snooker player lost to Indian cueist Ishpreet Singh Chadha 4-2.
Vafari had defeated Welsh Matthew Stevens 4-3 in their round three encounter.
The prize fund for this year's English Open has risen by over £120,000 to £550,400.
The winner will receive £100,000, while runner-up earns £45,000.
The 2024 English Open is a professional snooker tournament that is taking place from September 12 to 22 at the Brentwood Centre in Brentwood, England.