Steps to reproduce:
- Take an image which is uploaded locally, say to A.jpg.
- Upload a different image to the shared repository, say to B.jpg. Create a redirect on the shared repository from A.jpg to B.jpg.
- Delete the local image.
All local pages which transclude A.jpg still point to the old image location, which is now a 404.
FWIW, I have encountered this problem frequently while deleting images on English Wikipedia which have been moved to a new file name on Commons. My current workaround is to use ?action=purge (which does work).