Advances in image tampering pose serious security threats, underscoring the need for effective image manipulation localization (IML). While supervised IML achieves strong performance, it depends on costly pixel-level annotations. Existing weakly supervised or training-free alternatives often underperform and lack interpretability. We propose the In-Context Forensic Chain (ICFC), a training-free framework that leverages multi-modal large language models (MLLMs) for interpretable IML tasks. ICFC integrates an objectified rule construction with adaptive filtering to build a reliable knowledge base and a multi-step progressive reasoning pipeline that mirrors expert forensic workflows from coarse proposals to fine-grained forensics results. This design enables systematic exploitation of MLLM reasoning for image-level classification, pixel-level localization, and text-level interpretability. Across multiple benchmarks, ICFC not only surpasses state-of-the-art training-free methods but also achieves competitive or superior performance compared to weakly and fully supervised approaches.