The equation is for the distance moved by the particle, and the distance moved is measured in metres. So the dimensions of the left hand side are just metres i.e. $[L]$ not $[L]^3$.
You are quite correct that position is a vector. Suppose we are using $x$, $y$ and $z$ axes, then we define $\mathbf i$, $\mathbf j$ and $\mathbf k$ as the unit vectors along the $x$, $y$ and $z$ axes respectively ($\mathbf i$, $\mathbf j$ and $\mathbf k$ are the standard symbols for these three vectors). In that case the position vector $\mathbf s$ would be given by:
$$ \mathbf s = s_x \mathbf i + s_y \mathbf j + s_z \mathbf k $$
where $s_x$, $s_y$ and $s_z$ are the components of the vector along the three axes. This is usually abbreviated to:
$$ \mathbf s = (s_x, s_y, s_z) $$
which is the way we normally write the coordinates of a point on a 3D graph.
Since $\mathbf s$ is the sum of the three vectors $s_x \mathbf i$, $s_y \mathbf j$ and $s_z \mathbf k$ the dimensions of $\mathbf s$ are the same as the dimensions of the three vectors. But if we take for example $s_x\mathbf i$, the magnitude of this is just the distance measured along the $x$ axis. So the dimensions of $s_x\mathbf i$ are just $[L]$. Likewise the dimensions of $s_y\mathbf j$ and $s_z\mathbf k$ are also just $[L]$. Since $\mathbf s$ is the sum of the three that means the dimensions of $\mathbf s$ are:
$$ \mathrm{Dim}(\mathbf s) = [L] + [L] + [L] = [L] $$