This paper presents the design, FPGA implementation, and comprehensive security evaluation of a chaos-based image encryption algorithm derived from the Pseudo-Random Number Generator with two-dimensional Enhanced Lotka Volterra Map (PRNG-ELVM). The proposed ELVM introduces nonlinear perturbations that significantly enhance the chaotic dynamics and statistical behavior of the classical model, providing greater key sensitivity, a wider keyspace, and superior pseudorandomness suitable for cryptography. The proposed image encryption scheme incorporates confusion and diffusion stages driven by PRNG-ELVM sequences, where secret-key-dependent initial states and SHA-256-based image hash further strengthen security and resistance to differential attacks. The system is implemented on Altera DE2-115 FPGA using VHDL with parallel and pipelined processing to achieve real-time performance and low-hardware resource consumption. A comprehensive cryptographic evaluation is performed, including key sensitivity, histogram uniformity, correlation analysis, entropy measurement, floating frequency, NPCR/UACI metrics, robustness to noise and occlusion, and image quality degradation analysis (MSE, PSNR, SSIM). Experimental results confirm that the encrypted images exhibit uniform histograms, near-zero correlation, entropy values close to 8, and high resistance to differential perturbations. The FPGA implementation demonstrates high performance and efficient logic utilization, outperforming comparable chaotic hardware cryptosystems. Overall, the PRNG-ELVM-based FPGA architecture is an effective and scalable solution for secure image encryption in resource-constrained environments such as IoT, embedded multimedia, and biomedical imaging systems.