Vision-Language Models (VLMs) have recently emerged as powerful tools, excelling in tasks that integrate visual and textual comprehension, such as image captioning, visual question answering, and image-text retrieval. However, existing benchmarks for VLMs include spatial components, which often fail to isolate spatial reasoning from related tasks such as object detection or semantic comprehension. In this paper, we address these deficiencies with a multi-faceted approach towards understanding spatial reasoning. Informed by the diverse and multi-dimensional nature of human spatial reasoning abilities, we present a detailed analysis that first delineates the core elements of spatial reasoning: spatial relations, orientation and navigation, mental rotation, and spatial visualization, and then assesses the performance of these models in both synthetic and real-world images, bridging controlled and naturalistic contexts. We analyze 13 state-of-the-art Vision-Language Models, uncovering pivotal insights into their spatial reasoning performance. Our results reveal profound shortcomings in current VLMs, with average accuracy across the 13 models approximating random chance, highlighting spatial reasoning as a persistent obstacle. This work not only exposes the pressing need to advance spatial reasoning within VLMs but also establishes a solid platform for future exploration. Code available on GitHub (https://github.com/stogiannidis/srbench) and dataset available on HuggingFace (https://huggingface.co/datasets/stogiannidis/srbench).