how do you mean "bound to my form"?
if you mean the picturebox must remain within your form's clientrectangle:

vb Code:
  1. Public Class Form1
  2.  
  3.     Private Sub Form1_KeyDown(ByVal sender As Object, ByVal e As System.Windows.Forms.KeyEventArgs) Handles Me.KeyDown
  4.         Dim r As Rectangle
  5.         Select Case e.KeyCode
  6.             Case Keys.Left
  7.                 r = New Rectangle(PictureBox1.Left - 10, PictureBox1.Top, 50, 50)
  8.             Case Keys.Right
  9.                 r = New Rectangle(PictureBox1.Left + 10, PictureBox1.Top, 50, 50)
  10.             Case Keys.Up
  11.                 r = New Rectangle(PictureBox1.Left, PictureBox1.Top - 10, 50, 50)
  12.             Case Keys.Down
  13.                 r = New Rectangle(PictureBox1.Left, PictureBox1.Top + 10, 50, 50)
  14.         End Select
  15.         If Me.ClientRectangle.Contains(r) Then
  16.             PictureBox1.Bounds = r
  17.         End If
  18.     End Sub
  19.  
  20. End Class