The Picture was obtained by Caught in his apartment's kitchen, where he was led by RoivasSevil after "Learn to Play". The picture was in the drain of his sink, attached to the long hair that clogged it. The picture was wrapped in clear cellophane, and birthday wrapping paper complete with ribbon.
According Caught the picture is of himself as a child, he is sitting on a picnic blanket along with a girl that he does not recognize. He claims to not know how the picture came into Roivas's possession.
On the back of the image is written in RoivasSevil's reverse code "Come Home".
Working Theories and Observations
It would seem by the implications of "Come Home" that RoivasSevil has some sort of personal stake in Caught, or they have had some sort of previous interaction. This is contrary to Caught's attitude towards them.
In the photo, he says he doesn't know who the other kid is; could it be Roivas? ~ Xuchilvith on Slendernation