The present investigation focuses on developing cost-effective Carbon/Glass/Kevlar fiber-reinforced polymer hybrid composite laminates for achieving its synergistic effect on flexural and impact performance. It investigates the effect of stacking sequence induced by the use of different fiber types (Kevlar = K, glass = G, and carbon = C) on the flexural and impact performance of the composites. Five hybrid composites (labelled as A = [G2K3G2], B = [KG2CG2K], C = [CKGCGKC], D = [CGKCKGC], E = [CK2CK2C]) and three plain (i.e., non-hybrid) composites (F = [K]7, G = [G]7, H = [C]7) have been fabricated through manual pre-preg lay-up manufacturing techniques. The flexural strength and modulus, hardness, and Izod impact strength have been evaluated for the fabricated composites and compared. The results showed that the D-type hybrid composite achieves the maximum positive hybrid effect as compared to other hybrid composites, possesses a hardness of 59 BHN, a flexural strength of 380 MPa, and modulus of 36 GPa, and impact strength of 80 KJ/m2. The fracture surfaces of the hybrid composite specimen have been analysed using scanning electron microscopy, and compared against the properties achieved for enabling correlations. Furthermore, the cost-efficiency of the hybridization in terms of flexural strength/cost, modulus/cost, and impact strength/cost ratio were evaluated for potential engineering and design applications.