Ciao,

codice:
       Dim miaImmagine As New Bitmap("D:\auto.jpg")

    Private Sub Form1_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load

        PictureBox1.Image = miaImmagine
        PictureBox1.SizeMode = PictureBoxSizeMode.AutoSize

    End Sub

    Private Sub PictureBox1_Paint(ByVal sender As Object, ByVal e As System.Windows.Forms.PaintEventArgs) Handles PictureBox1.Paint

        'disegno un ellisse
        e.Graphics.FillEllipse(Brushes.Orange, 80, 180, 100, 37)

        'disegno una foto più piccola della staessa immagine
        e.Graphics.DrawImage(miaImmagine, 10, 25, 100, 69)

    End Sub