Public Class Form1
    Dim WithEvents Pb1, Pb2 As New PictureBox With {.Size = New Size(32, 32), _
      .Parent = Me}
 
    Private Sub Form1_Load(ByVal sender As System.Object, ByVal e As _
      System.EventArgs) Handles MyBase.Load
        Pb1.Image = SystemIcons.Error.ToBitmap
        Pb2.Image = SystemIcons.Warning.ToBitmap
        Pb2.Left = 50
        Pb2.AllowDrop = True
    End Sub
    Private Sub Pb1_MouseDown(ByVal sender As Object, ByVal e As _
      System.Windows.Forms.MouseEventArgs) Handles Pb1.MouseDown
        Pb1.DoDragDrop(Pb1.Image, DragDropEffects.Copy)
    End Sub
 
    Private Sub Pb2_DragDrop(ByVal sender As Object, ByVal e As _
      System.Windows.Forms.DragEventArgs) Handles Pb2.DragDrop
        Pb2.Image = CType(e.Data.GetData(DataFormats.Bitmap), Image)
    End Sub
 
      Private Sub Pb2_DragEnter(ByVal sender As Object, ByVal e As _
        System.Windows.Forms.DragEventArgs) Handles Pb2.DragEnter
        e.Effect = DragDropEffects.Copy
    End Sub  
End Class