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It's possible you hit an outdated mirror maybe. I cannot reproduce the issue here on my machine:

sudo dnf install vlc -y
[sudo] password for asinha: 
Last metadata expiration check: 1:19:14 ago on Sun 18 Feb 2018 11:00:35 GMT.
Package vlc-3.0.0-1.fc27.x86_64 is already installed, skipping.
Dependencies resolved.
Nothing to do.

Complete!

Can you please try the following to see what you get:

sudo dnf install vlc  --refresh

It simply forces a metadata refresh, and should fix it. (Please do check that you haven't excluded vlc in any of the repo config files too)