Recentily we receive a file with water resources build over a image registered in Autocad 2004. When I opened the file, the image was moved about 500m. I tried to load the file in Arcgis and all was all right, with the image and vector in perfect match.
I have never saw something like this. Any clue?
 
Thanks,
 
José.
 

Are you in PLAN view? Is it moved against the geometry or against the coordinate system? - check UCS