As you can see in the generated SQL statements the difference is not the "OR" as some may suspect. It is how the WHERE and JOIN is placed.
(example from https://docs.djangoproject.com/en/dev/topics/db/queries/#spanning-multi-valued-relationships)
Blog.objects.filter(entry__headline__contains='Lennon', entry__pub_date__year=2008)
This will give you all the Blogs that have one entry with both (entry_headline_contains='Lennon') AND (entry__pub_date__year=2008), which is what you would expect from this query. Result: Book with {entry.headline: 'Life of Lennon', entry.pub_date: '2008'}
Blog.objects.filter(entry__headline__contains='Lennon').filter(entry__pub_date__year=2008)
This will cover all the results from Example 1, but it will generate slightly more result. Because it first filters all the blogs with (entry_headline_contains='Lennon') and then from the result filters (entry__pub_date__year=2008).
The difference is that it will also give you results like: Book with {entry.headline: 'Lennon', entry.pub_date: 2000}, {entry.headline: 'Bill', entry.pub_date: 2008}
I think it is this one you need:
Book.objects.filter(inventory__user__profile__vacation=False, inventory__user__profile__country='BR')
And if you want to use OR please read: https://docs.djangoproject.com/en/dev/topics/db/queries/#complex-lookups-with-q-objects