Certamente:

codice:
 Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button1.Click
        CopyControl(PictureBox1)
    End Sub

    Public Sub CopyControl(ByVal controllo As Control)
        Dim bmp As Bitmap
        Dim frmGraphics As Graphics = controllo.CreateGraphics()
        Dim rect As Rectangle = controllo.ClientRectangle
        bmp = New Bitmap(rect.Width, rect.Height, frmGraphics)
        frmGraphics.Dispose()
        Dim picGraphics As Graphics = Graphics.FromImage(bmp)
        picGraphics.CopyFromScreen(controllo.PointToScreen(New Point(rect.Left, rect.Top)), New Point(0, 0), New Size(rect.Width, rect.Height))
        picGraphics.Dispose()
        bmp.Save("C:\mio.bmp", System.Drawing.Imaging.ImageFormat.Bmp)
    End Sub
Buttato li, da testare, con una Form e una PictureBox con una foto e un semplice pulsante.