We propose a cavity QED approach to describe light-matter interaction between an individual anharmonic molecular vibration and an infrared cavity field. Starting from a generic Morse oscillator with quantized nuclear motion, we derive a multi-level quantum Rabi model to study vibrational polaritons beyond the rotating-wave approximation. We analyze the spectrum of vibrational polaritons in detail and compare with available experiments. For high excitation energies, the spectrum exhibits a dense manifold of true and avoided level crossings as the light-matter coupling strength and cavity frequency are tuned. These crossings are governed by a pseudo parity selection rule imposed by the cavity field. We also analyze polariton eigenstates in nuclear coordinate space. We show that the bond length of a vibrational polariton at a given energy is never greater than the bond length of a bare Morse oscillator with the same energy. This type of bond hardening of vibrational polaritons occurs at the expense of the creation of virtual infrared cavity photons, and may have implications in chemical reactivity.