
Just to summarize what was mentioned in the comments above and provide some comparison and comments on accuracy and simplicity. Additionally, I suggest a fourth approach with \parboxes with high accuracy. All the approaches below use only LaTeX macros, but other primitive methods can be used.
\documentclass{article}
\setlength{\parindent}{0in}
\usepackage{calc}
\usepackage[export]{adjustbox}
\begin{document}
\newcommand{\picA}{\includegraphics[height=1.25in,width=1.7in]{example-image-A.pdf}}
\newcommand{\picB}{\includegraphics[height=.5in,width=1in]{example-image-B.pdf}}
\parbox{\widthof{\picA}}{\picA} + another one
\parbox{\widthof{\picB}}{\picB} =
\bigskip
\begin{tabular}{@{}c@{}}\picA\end{tabular} + another one
\begin{tabular}{@{}c@{}}\picB\end{tabular} =
\bigskip
\raisebox{-.5\height}{\picA} + another one
\raisebox{-.5\height}{\picB} =
\bigskip
\includegraphics[valign=m,width=1.7in]{example-image-A.pdf} + another one
\includegraphics[valign=m,width=1in]{example-image-B.pdf} =
\end{document}
Method 1
I suggested \parboxes because they are naturally vertically aligned, so this property can be used for vertically aligning images. The accuracy here is the highest of all other methods (observe the alignment of the horizontal bar of + with the image center line), but one must explicitly provide a width argument to the \parbox macro. Fortunately, we have the calc package, which can provide that length to \parbox seamlessly. In this case, \widthof command is used.
Method 2
In the second method, two tabulars are used. This seems a simple method, but unfortunately, the alignment is not perfect out of the box. We observe that the images are a bit higher than the + and the = signs.
Method 3
The third method uses the \raisebox macro from graphicx package (note that adjustbox loads graphicx). This also seems a simple method, but unfortunately, the alignment is again not perfect out of the box. We observe that the images are a bit lower than the + and the = signs.
Method 4
The last method uses the valign=m command from adjustbox package to center the images vertically. The accuracy here is improved (better than the above two methods), but using valign=m in conjunction with height=<length> scales the images unexpectedly.
\begin{tabular}{@{}c@{}}\includegraphics{image1}\end{tabular}– egreg Aug 10 '15 at 14:09\usepackage[export]{adjustbox}and then\includegraphics[valign=m,width=3cm]{image1}etc. – Aug 10 '15 at 14:11\raisebox{-.5\height}{\includegraphics{image1}}be even simpler? – campa Aug 10 '15 at 14:42tabularthe centering will be right with respect to the horizontal bar of +. – egreg Aug 10 '15 at 14:45