Hello Brad,
I'm assuming the image used to be on the same domain you're now on, and it leads them to your website 404 page, in that case, I would upload another relevant image with the same filename to my site and do a 301 redirect.
If those backlinks point to an image from the other site which is different from your current site, you might want to make sure these backlinks are quality and relevant to your content before making a domain level 301 redirect.
Hope this answered your question.
Regards,
Joseph Yap