\documentclass{report}
\usepackage[demo]{graphicx}
\usepackage{wrapfig}
\newtheorem{example}{Example}
\begin{document}
Sample text
\begin{example}
First
\begin{wrapfigure}{l}{0.5\textwidth}
\centering
\includegraphics[width=0.38\textwidth]{entourage}
\caption{caption}
\end{wrapfigure}
Second
\end{example}
Continuing sample text
\end{document}