Due to pervasive communication infrastructures, a plethora of enabling technologies is being developed over mobile and wired networks. Among these, video streaming services over IP are the most challenging in terms of quality, real-time requirements and security. In this paper, we propose a novel scheme to efficiently secure variable length coded (VLC) multimedia bit streams, such as H.264. It is based on code word error diffusion and variable size segment shuffling. The codeword diffusion and the shuffling mechanisms are based on random operations from a secure and computationally efficient chaos-based pseudo-random number generator. The proposed scheme is ubiquitous to the end users and can be deployed at any node in the network. It provides different levels of security, with encrypted data volume fluctuating between 5.5-17%. It works on the compressed bit stream without requiring any decoding. It provides excellent encryption speeds on different platforms, including mobile devices. It is 200% faster and 150% more power efficient when compared with AES software-based full encryption schemes. Regarding security, the scheme is robust to well-known attacks in the literature, such as brute force and known/chosen plain text attacks.