Optimal capacitor placement (OCP) and sizing are crucial for the techno-economic operation of radial distribution networks (RDN) under varying load conditions. An improper allocation of capacitors compromises the voltage profile, increases power losses, and incurs unnecessary investment in reactive power compensation. This study proposes a novel framework for OCP and sizing in an IEEE-34 bus test feeder using the Modified African Vulture Optimization Algorithm (MAVOA). To limit the optimization search space and reduce computational burden, a Loss Sensitivity Index (LSI)-based candidate bus selection technique is used. A multi-objective optimization simultaneously considers voltage deviation, network power losses, and operating costs to maintain a balance between technical and economic viability. Six distinct cases of fixed and switched capacitor configurations are used to test the proposed framework under light, normal, and heavy loading conditions. Finally, the MAVOA is compared with other metaheuristic algorithms to show the effectiveness of the MAVOA. Within the tested operating range, the MAVOA consistently guarantees technically and economically competitive performance with a maximum reduction of up to 28.60% in active power loss and 28.80% in reactive power loss, and a maximum annual net saving of 23,361.48 $. The results show the capability of the proposed framework as a robust, dependable, and efficient decision-support tool for reactive power planning in practical distribution systems.