Is anything showing up in the source code for the image? Have you tried disabling your mods to see if that fixes the issue? How about a default style?
Create a new style with no parent:
- Styles & Templates > Style Manager > Add New Style
- Parent Style: No Parent Style
- Title: Default vBulletin
- Allow User Selection: Yes
- Save
Then browse the site using that totally default vbulletin style - do you still have the same problem?
If it is still happening - Try disabling your modifications/plugins and see if you still have this problem.
Note: To temporarily disable the plugin system, edit config.php and add this line right under <?php
PHP Code:
define('DISABLE_HOOKS', true);