var doc = app.activeDocument;
var sel = doc.selection;

if (sel.length != 2) {
alert("Please select exactly 2 groups OR 2 individual objects.");
} else {
var group1 = sel[0];
var group2 = sel[1];

var group1_center = [group1.geometricBounds[1] + (group1.geometricBounds[3] - group1.geometricBounds[1]) / 2, group1.geometricBounds[0] + (group1.geometricBounds[2] - group1.geometricBounds[0]) / 2];
var group2_center = [group2.geometricBounds[1] + (group2.geometricBounds[3] - group2.geometricBounds[1]) / 2, group2.geometricBounds[0] + (group2.geometricBounds[2] - group2.geometricBounds[0]) / 2];

var group1_new_center = [group2_center[0] - group1_center[0] + group1.geometricBounds[1], group2_center[1] - group1_center[1] + group1.geometricBounds[0]];
var group2_new_center = [group1_center[0] - group2_center[0] + group2.geometricBounds[1], group1_center[1] - group2_center[1] + group2.geometricBounds[0]];

group1.move(group1_new_center);
group2.move(group2_new_center);
}

Every year at AdobeMAX I ask for this feature, and every year they say it's a great idea and will look into it. Like OP says, there's scripts for it, and sure you can apply a keyboard shortcut to that script, but a simple button would make us all so happy!

This feature really should be built in. But it shouldn't be limited to images -- let us swap any two objects. I frequently need to swap text boxes ("stories") in a magazine layout, and almost as often I need to swap a text box with a picture, or rotate 3 or more objects positions on a page.

So to be complete, let the SWAP feature also "rotate" the object positions when more than 2 are selected.

The script that David posted is a great workaround, but I see no reason why this couldn't be handled natively via the Content Collector. When I try to swap two images using the Content Collector, it allows me to load both images into the conveyor but then when I replace one image, it updates the conveyor so that both are the same image, and I can't place the other one. I think I had a workaround at one point for that behavior, but why not just make it easier to do this?

Script solution also discussed here: https://indesignsecrets.com/exchange-or-swap-two-images-free-indesign-script.php

Agreed! This seems like a basic enough function for this type of program. At my office we do photo layouts for a variety of reasons, and there is often a need to switch/swap photos. I work in an office of 30 people and all of our designers, architects, and marketing staff would be thrilled to have something like this.

Yes, this would be handy! I design a 72 page magazine and I always need to move pages around so "swapping" would be so handy. Martin, what scripts have you have found that work the best?

I'm curious: for what would you need to swap images in the frames or to swap the frames?

Scenario: Multible pictures are placed in boxes/frames. Now I want to switch two pictures with eachother. Normally I would copy paste or insert a new photo. But it would be cool if you could say "switch" instead.