There are three ways to do this.
The first, and easiest, is to put a dot at the beginning of a filename. It's a very old Unix convention to make such files invisible, and OSX follows that convention.
The second way, as pat++ said, is to use the SetFile tool. This only works if you have the Developer Tools installed, however.
The third way is to create a file called ".hidden" in the same folder as the image, and put the image's name into the file. Note that .hidden will itself be invisible, because of the dot at the start of the filename.