Problem: GeoTIFF image with world file displays at wrong location in ArcMap
A TIFF image with a world file displays at incorrect location in ArcMap, but displays at the correct location in ArcInfo Workstation and ArcView.
The image has GeoTIFF tags that describe a location different than the location the world file describes. ArcMap will use the information in the GeoTIFF tags if they exist, it will only use the world file if these tags are absent.
Solution or Workaround
Use the ArcInfo Workstation CONVERTIMAGE command and specify TIFF as the output format. The new image will be a GeoTIFF, but the tags will describe the same location as the .tfw world file.
Arc: CONVERTIMAGE oldimage.tif newimage TIFF
If this does not work, you may have to bring the TIFF image into a third party application, such as Adobe Photoshop, and save the image out as a TIFF. ArcMap should then be able to view the image.
For information about the GeoTIFF tags used by ArcInfo, see the ArcInfo Workstation online help: Contents > Cartography > Image Integration > Supported image formats > TIFF files.