The 6-foot-6 Vaughn hadn't even spent a week with the Nets, who acquired him and a second-round pick Monday in a trade that sent center Tyler Zeller to Milwaukee.
Vaughn played four minutes of one game for Brooklyn -- a home loss to Houston on Tuesday. He was held out of the Nets' loss in Detroit on Wednesday night. He has averaged 3.1 points in 134 NBA games since the Bucks selected him 17th overall in the 2015 draft.
The 6-8 Cunningham, a nine-year veteran, has played in 51 games for New Orleans this season, starting 24 of them, and has averaged 5 points and 3.8 rebounds per game.
He added the 3-point shot to his repertoire in New Orleans, making 71 of 181 (39 percent) last season. This season, however, his 3-point accuracy has dipped to 32 percent (35-of-108).
Cunningham sat out New Orleans' loss to Utah on Monday night.
The trade was first reported by Yahoo! Sports.
New Orleans plays next at Philadelphia on Friday night. The Nets resume action on Saturday, when they host the Pelicans.
The Associated Press contributed to this report.