Rebus puzzles, visual riddles that encode language through imagery, spatial arrangement, and symbolic substitution, pose a unique challenge to current vision-language models (VLMs). Unlike traditional image captioning or question answering tasks, rebus solving requires multi-modal abstraction, symbolic reasoning, and a grasp of cultural, phonetic and linguistic puns. In this paper, we investigate the capacity of contemporary VLMs to interpret and solve rebus puzzles by constructing a hand-generated and annotated benchmark of diverse English-language rebus puzzles, ranging from simple pictographic substitutions to spatially-dependent cues ("head" over "heels"). We analyze how different VLMs perform, and our findings reveal that while VLMs exhibit some surprising capabilities in decoding simple visual clues, they struggle significantly with tasks requiring abstract reasoning, lateral thinking, and understanding visual metaphors.