Ajuste a propriedade Style do ComboBox para csOwnerDrawVariable
var
  Form1: TForm1;
  Bmp1, Bmp2, Bmp3: TBitmap;
implementation
 {$R *.DFM}
procedure TForm1.FormCreate(Sender: TObject);
begin
    Bmp1:=TBitmap.Create;
    Bmp.Loadfromfile('c:\chip16.bmp');
    Bmp1:=TBitmap.Create;
    Bmp.Loadfromfile('c:\zoom.bmp');
    Bmp1:=TBitmap.Create;
    Bmp.Loadfromfile('c:\disk.bmp');
    ComboBox1.Items.AddObject('Chip',Bmp1);
    ComboBox1.Items.AddObject('Zoom',Bmp2);
    ComboBox1.Items.AddObject('Disk',Bmp3);
end;
procedure TForm1.ComboBox1DrawItem(Control: TWinControl; Index: Integer; Rect: TRect; State: TOWnerDrawState);
var
  Bitmap: TBitmap;
  Offset: Integer;
begin
  with (Control as TComboBox).Canvas do
  begin
      FillRect(Rect); Bitmap:= TBitmap(ComboBox1.Items.Objects[index]);
      if Bitmap nil then begin
        BrushCopy(Bounds(Rect.Left + 2, Rect.Top + 2, Bitmap.Width,
        Bitmap.Height), Bitmap, Bounds(0, 0, Bitmap.Width, Bitmap.Height), clRed);
        Offset: Bitmap.width + 8;
      end;
      TextOut(Rect.Left + Offset, Rect.Top, ComboBox1.Items[index]);
  end;
end;
procedure TForm1.ComboBox1MeasureItem(Control: TWinControl; Index: Integer; var Height: Integer);
begin
  Height:=20;
end;