Um ... you're mixing things up.
If it's a PRODUCT image, then YOU need to fix the incorrect image filename specified IN YOUR PRODUCT DETAILS.
Period.
You said that a 404 on your live site takes you to your store's page_not_found page ... and that's simply because you've got it set up (appropriately) to ensure that visitors to your site who come in on a link that points to an invalid page (ie: basically anything other than index.php) get told that they've used an invalid link, and of course the page_not_found page shows them many other things they can choose from, instead of a blank "404 NOT FOUND" message which is entirely unfriendly.
The downside is that a broken-image URL (because you've told it the wrong image to use when entering your product data) may display differently such as perhaps the symptoms you are posting about.
So, really, the fix is to put correct image names in your products. THere's no use having invalid names for images anyway, right!
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