Polesitter Hamilton bogged down at the start, dropping him to third and putting him under pressure from Raikkonen on the approach to the Village complex. The second restart saw Bottas do much the same and, with a gap to Vettel, it looked like he could take his first win of the season.
Hamilton dropped to the tail of the field at the start after Raikkonen locked his right-front tyre at the tight Turn 3 right-hander at Village, ran wide and clouted the Mercedes.
Hamilton dropped down to last place but executed a superb recovery drive to second, finishing behind race victor and title rival Vettel.
Vettel in contrast was rewarded for a brilliant start in which he overtook Hamilton within metres on the opening straight.
Meanwhile, Australian driver Daniel Ricciardo finished the race in fifth on Sunday to hold onto his fourth overall position in the championship.
Then the race took another unexpected twist when Swede Marcus Ericsson crashed out at 200mph. "I deserve it, I took the 10 seconds and got fighting".
Later, when asked if he felt the move by Raikkonen was deliberate, the Brit replied: "All I would say is that in two races the Ferraris have taken out one of the Mercedes".
Two weeks ago in Austria, Vettel only received a five-second penalty for taking out Bottas on the first lap.
By the end of lap three, Hamilton was 14th.
Then when Sauber's Marcus Ericsson skidded off with 19 laps left, Hamilton was handed another lifeline with a safety auto.
Raikkonen was at fault for the coming together and the stewards concurred as they slapped the Ferrari driver with a 10-second penalty.
Ferrari came out on top at Silverstone, a venue where Mercedes have won every year since 2013, with Vettel leaving with an eight-point advantage over Hamilton in the drivers' standings.
"I couldn't see behind me but we've just to work hard to try to position ourselves better so that we are not exposed to the red cars - because who knows when that's going to happen again", he added.
"It's true that they are very strong around here and we expect them to be very strong tomorrow, but I hope we can be there and I hope we can be close".
Arrivabene says he was anxious about Vettel's pain, but then praised the German's commitment.
She later removed the entry and, when addressing a fan who defended Hamilton, she added: "Just to be clear, I was not talking about the driver but the team who was crying afterwards that someone did something on objective".
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