Ormerod opened the scoring in the 13th minute and that advantage was doubled on the stroke of half-time when defender Ian Evatt added a second.
Striker Ben Burgess added a third in the 50th minute, Ormerod curled in a superb fourth and Gary Taylor-Fletcher added a late fifth to wrap up the Seasiders' biggest win of the season.
Swansea pulled back a late goal through Cedric Van der Gun but they had long since surrendered the points.
The result lifted Ian Holloway's men to within seven points of Swansea and bodes well for their hopes of snatching a coveted top-six finish.
Blackpool began in vibrant fashion and they could have led in the sixth minute when Taylor-Fletcher hit a shot from 25 yards which Dorus De Vries comfortably saved.
In the 12th minute, Evatt fired over the bar but moments later Blackpool were ahead when Taylor-Fletcher fired goalwards from 25 yards.
The ball found its way to Ormerod and he rifled home a low right-foot shot into the bottom corner from six yards out.
Moments later, freescoring midfielder Charlie Adam hit a left-footed drive from 25 yards which flew narrowly wide.
Swansea sought to find a response in the 28th minute when Nathan Dyer fired goalwards from 12 yards only for Evatt to make a fine block.
On the stroke of half-time, Evatt made his mark at the other end of the field when he collected a pass from Seamus Coleman and drilled a right-footed shot into the net from six yads.
Swansea replaced Darren Pratley with David Cotterill at half-time but five minutes after the restart it was 3-0 to the home side.
Billy Clarke showed intelligence to find Burgess deep in Swansea territory and the big striker showed his predatory instinct by drilling the ball into the bottom corner from six yards.
Swansea showed little as an attacking force and in the 51st minute they fashioned a clear opening when striker Shefki Kuqi powered a header goalwards but Matthew Gilks made a fine stop to turn the ball around a post.
Kuqi went close again and Adam threatened for Blackpool but the hosts added a fourth with 22 minutes remaining.
Coleman, on loan from Everton, found Ormerod 18 yards from goal and he curled a brilliant left-footed shot into the top corner.
It could have been worse for Swansea in the 72nd minute when Coleman crossed dangerously and Burgess headed over the crossbar.
Taylor-Fletcher added a fifth for Blackpool in the 82nd minute when he rifled home Coleman's cross before Van der Gun rifled in a left-footed consolation for Swansea two minutes later.