A bi-variant theory B(X, Y ) defined for a pair (X, Y ) is a theory satisfying properties similar to those of Fulton-MacPherson's bivariant theory B(X f − → Y ) defined for a morphism f : X → Y . In this paper, using correspondences we construct a bi-variant algebraic cobordism Ω * ,♯ (X, Y ) such that Ω * ,♯ (X, pt) is isomorphic to Lee-Pandharipande's algebraic cobordism of vector bundles Ω − * ,♯ (X). In particular, Ω * (X, pt) = Ω * ,0 (X, pt) is isomorphic to Levine-Morel's algebraic cobordism Ω − * (X). Namely, Ω * ,♯ (X, Y ) is a bi-variant vesion of Lee-Pandharipande's algebraic cobordism of bundles Ω * ,♯ (X).