Use Clip tool from ArcToolbox available in ArcCatalog / ArcMap --> Arc Toolbox --> Data Management Tools --> Raster --> Clip. Select the Clip tool --> Right Click --> Click on Open --> Clip tool opens in a window and specify the following:1. Input Raster : Browse and select the input tiff image.2. Output Extent (optional) : Browse and Select the Shape file for which the extents are used to clip the tiff image.3. Output Raster Dataset : Specify the output location and name of the output image.4. Click OK to run the tool.