The Christian veneration of images is not contrary to the first commandment, which proscribes idols. Indeed, "the honor rendered to an image passes to its prototype," and "whoever venerates an image venerates the person portrayed in it." The honor paid to sacred images is a "respectful veneration," not the adoration due to God alone. CCC 2132
In the Old Testament, this commandment forbade any representation of God, who is absolutely transcendent. The Christian veneration of sacred images, however, is justified by the incarnation of the Son of God (as taught by the Second Council of Nicaea in 787 AD) because such veneration is founded on the mystery of the Son of God made man, in whom the transcendent God is made visible. This does not mean the adoration of an image, but rather the veneration of the one who is represented in it: for example, Christ, the Blessed Virgin Mary, the Angels, and the Saints. (#446)
Finally, this is a good video made by Eastern Orthodox apologists on the subject of icons and the First Commandment. It should be obvious that there are some things in it I don't agree with, particularly near the end. However, it is well-made and does a fine job with objections some have raised: