The opening line from the Wikipedia article on the term image macro: "In Internet culture, an image macro is an image superimposed with text for humorous effect."
It is interesting how the term, which originally applied to a function in some forums-software whereby phrases would be replaced with an image. To this day, many chat clients do this with emoticons and some phrases: e.g., in the chat client I use for work, HipChat, "(shrug)" gets replaced by a little ASCII-art picture of a person shrugging.
Many posts on Facebook and other social media are in the form of the newer, extended use of image macro, e.g., LOL cats, etc.
There are some sites where, if you wish, you can choose an image and then type a witty saying, which appears on the image. You can then download or share the image on Facebook, Reddit, etc.
Build a man a fire and he's warm for a day. Set a man on fire and he's warm for the rest of his life.