PictureBox already has double-buffering turned on. The only way you could perceive flicker is when you draw directly to the screen instead of using the Paint event. It isn't clear whether you do from your snippet.
Buffering yourself with a bitmap would work too but isn't as efficient as the double-buffering implemented by Windows Forms.
Try buffering your data to another bitmap before you put it in the picture box. That will eliminate the flicker.
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