The frontier of visual reasoning is shifting toward models like OpenAI o3, which can intelligently create and operate tools to transform images for problem-solving, also known as thinking-with-images in chain-of-thought. Yet existing benchmarks fail to fully capture this advanced capability. Even Visual Search, the most common benchmark for current thinking-with-images methods, tests only basic operations such as localization and cropping, offering little insight into more complex, dynamic, and tool-dependent reasoning. We introduce TIR-Bench, a comprehensive benchmark for evaluating agentic thinking-with-images across 13 diverse tasks, each requiring novel tool use for image processing and manipulation in chain-of-thought. We evaluate 22 multimodal large language models (MLLMs), from leading open-sourced and proprietary models to those with explicit tool-use augmentation. Results show that TIR-Bench is universally challenging, and strong performance requires genuine thinking-with-images capabilities. Finally, we present a pilot study comparing direct versus agentic fine-tuning.