Here's the code generated when you add a PictureBox to a form in the designer:
VB Code:
  1. <Global.Microsoft.VisualBasic.CompilerServices.DesignerGenerated()> _

  2. Partial Class Form1

  3.     Inherits System.Windows.Forms.Form

  4.  
  5.     'Form overrides dispose to clean up the component list.

  6.     <System.Diagnostics.DebuggerNonUserCode()> _

  7.     Protected Overrides Sub Dispose(ByVal disposing As Boolean)

  8.         If disposing AndAlso components IsNot Nothing Then

  9.             components.Dispose()

  10.         End If

  11.         MyBase.Dispose(disposing)

  12.     End Sub

  13.  
  14.     'Required by the Windows Form Designer

  15.     Private components As System.ComponentModel.IContainer

  16.  
  17.     'NOTE: The following procedure is required by the Windows Form Designer

  18.     'It can be modified using the Windows Form Designer.  

  19.     'Do not modify it using the code editor.

  20.     <System.Diagnostics.DebuggerStepThrough()> _

  21.     Private Sub InitializeComponent()

  22.         [U]Me.PictureBox1 = New System.Windows.Forms.PictureBox[/U]

  23.         CType(Me.PictureBox1, System.ComponentModel.ISupportInitialize).BeginInit()

  24.         Me.SuspendLayout()

  25.         '

  26.         'PictureBox1

  27.         '

  28.         [U]Me.PictureBox1.Location = New System.Drawing.Point(0, 0)[/U]

  29.         [U]Me.PictureBox1.Name = "PictureBox1"[/U]

  30.         [U]Me.PictureBox1.Size = New System.Drawing.Size(100, 50)[/U]

  31.         [U]Me.PictureBox1.TabIndex = 0[/U]

  32.         [U]Me.PictureBox1.TabStop = False[/U]

  33.         '

  34.         'Form1

  35.         '

  36.         Me.AutoScaleDimensions = New System.Drawing.SizeF(6.0!, 13.0!)

  37.         Me.AutoScaleMode = System.Windows.Forms.AutoScaleMode.Font

  38.         Me.ClientSize = New System.Drawing.Size(292, 266)

  39.         [U]Me.Controls.Add(Me.PictureBox1)[/U]

  40.         Me.Name = "Form1"

  41.         Me.Text = "Form1"

  42.         CType(Me.PictureBox1, System.ComponentModel.ISupportInitialize).EndInit()

  43.         Me.ResumeLayout(False)

  44.  
  45.     End Sub

  46.     [U]Friend WithEvents PictureBox1 As System.Windows.Forms.PictureBox[/U]

  47.  
  48. End Class
Note that it declares a PictureBox variable, creates an object by invoking the PictureBox constructor using the 'New' keyword, then sets the appropriate properties. That's exactly the same as for any object. The only difference with a control is that you have to add it to the form's Controls collection to have it displayed on the form. You just need to write the same code to have a PictureBox displayed at run time. You declare a variable, create an object, set the appropriate properties and add the control to the form:
VB Code:
  1. Dim pb As New PictureBox

  2.  
  3. pb.Location = New Point(100, 100)

  4. pb.Size = New Size(200, 200)

  5. pb.Image.Load("file path here")

  6. Me.Controls.Add(pb)