Statement (I): If \( \vec{a} \cdot \vec{b} = 0 \), then \( |\vec{a}| = 0 \) or \( |\vec{b}| = 0 \) or \( \theta = \dfrac{\pi}{2} \). This is correct.
Statement (II): If \( \vec{a} \times \vec{b} = 0 \), then \( |\vec{a}| = 0 \) or \( |\vec{b}| = 0 \) or \( \theta = 0 \) or \( \pi \). This is incorrect because \( \vec{a} \) is parallel to \( \vec{b} \) when the cross product is zero, not perpendicular.
Thus, Statement (I) is true and Statement (II) is false.