Ya lo solucione. El if esta de mas, debe ser:
Código:
Dim strFileName As String
openFD.InitialDirectory = "C:\"
openFD.Title = "Add A Display Picture"
openFD.Filter = "JPEGS|*.jpg|GIFS|*.gif|Bitmaps|*.bmp"
openFD.ShowDialog()
strFileName = openFD.FileName
pictureBox.Image = Image.FromFile(strFileName)