You have a list of MVectors and you want to find which of them is closest to a target MVector? Unless your list of MVectors is sorted, you're going to have to compare them all, one at a time. In Python:
closestDist = float("inf")
for i, vec in enumerate(vectors):
dist = (vec-targetVector).length()
if dist < shortestDist:
closestIndex = i
shortestDist = dist
If you were doing it in C++ you'd probably roll your own distance-squared function, but in Python I think it's faster to call length (which is done in C++).
If your vectors are normalized, you can use the dot product instead of subtraction and length, and that will be faster.
If you have a lot of vectors to compare to your list, you can optimize by sorting the list into an octree first.