Using the Canada-France-Hawaii Telescope (CFHT) we have obtained three closely spaced epochs of calibrated BVRI CCD imaging of two fields in M81, each known to contain a thirty-day Cepheid. Calibrated BVRI photometry of the brightest stars in these fields is presented. The slope of the luminosity function from the brightest 3-4 mag of the main-sequence blue plume is consistent with similar determinations of the apparent luminosity function in other resolved galaxies, thereby removing the one potential deviation from universality noted by Freedman [ApJ, 299, 74 (1985)] in a photographic study of luminosity functions in nearby resolved galaxies. Under the assumption that the two Cepheids are representative, a reddening-law fit to the multiwavelength BVRI period-luminosity moduli give a true distance modulus of (m-M)0 = 27.79 mag for M81, corresponding to a linear distance of 3.6 Mpc. An error analysis shows that the derived true distance modulus has a random error of +/- 0.28 mag (due to the photometric uncertainties in the BVRI data), with a systematic uncertain ty of +/- 0.10 mag (accounting for the combined effects of unknown phasing of the data points, and the unknown positioning of these particular stars within the Cepheid instability strip).