This paper investigates the impact of propagation delay and channel loss due to the use of multiple LED arrays in visible light communication (VLC) systems based on filter bank multicarrier (FBMC) modulation. FBMC offers greater spectral efficiency, and asynchronous transmission and is a promising alternative scheme to orthogonal frequency division modulation (OFDM). The proposed FBMC model is based on 4-quadrature amplitude modulation (QAM) and 16-QAM formats and uses 100 symbols and 600 input bits per symbol. In this paper, the VLC-FBMC system is designed based on the line-of-sight (LOS) model under the additive white Gaussian noise (AWGN) channel. Comparison analyses between different bit rates in terms of bit error rate (BER), best sampling point, and signal-to-noise ratio (SNR) requirement have been carried out to show the delay and loss effect on communication quality and system performance. The results demonstrate that the proposed FBMC model achieves a bit rate of up to 29.296 Mbit/s with a low BER of 10-3 and less SNR penalty in high QAM formats, demonstrating its potential as a viable alternative to OFDM for future VLC systems.