The Liverpudlian, who produced a stunning upset in the first fight between the two 14 months ago, outclassed Haye in a dominant display which could prove to be the final bout of Haye's career.
A cautious start to the fight saw Haye just edge the opening round, but Bellew soon began to take control and almost secured a knockout as early as the third round.
Bellew knocked Haye down twice in that round round, the second of which appeared to cause Haye another injury to the same leg which hampered him so badly in the original fight.
Haye was saved by the bell before getting through the fourth, but Bellew refused to relent and a thunderous left hook in the fifth round sent Haye crashing face-first to the canvas for a third time.
The 37-year-old once again dragged himself to his feet and carried on, but another onslaught from Bellew forced the referee to step in as Haye - a former two-time world champion - suffered a potentially career-ending defeat.