PictureBoxの幅と高さをマイナスで設定すると反転させることが可能になります。
VB.NET
Dim canvas As New Bitmap(PictureBox1.Width, PictureBox1.Height)
Dim g As Graphics = Graphics.FromImage(canvas)
Dim img As Image = Image.FromFile("test.bmp")
g.DrawImage(img, img.Width, 0, -img.Width, img.Height)
g.Dispose()
PictureBox1.Image = canvas
C#Bitmap canvas = new Bitmap(PictureBox1.Width, PictureBox1.Height);
Graphics g = Graphics.FromImage(canvas);
Image img = Image.FromFile("test.bmp");
g.DrawImage(img, img.Width, 0, -img.Width, img.Height);
g.Dispose();
PictureBox1.Image = canvas;