Bitmap myCoolBitmap = ... ; // <-- Your bitmap you want rounded
int w = myCoolBitmap.getWidth(), h = myCoolBitmap.getHeight();
Bitmap rounder = Bitmap.createBitmap(w,h,Bitmap.Config.ARGB_8888);
Canvas canvas = new Canvas(rounder);
Paint xferPaint = new Paint(Paint.ANTI_ALIAS_FLAG);
xferPaint.setColor(Color.RED);
canvas.drawRoundRect(new RectF(0,0,w,h), 20.0f, 20.0f, xferPaint);
xferPaint.setXfermode(new PorterDuffXfermode(PorterDuff.Mode.DST_IN));
canvas.drawBitmap(myCoolBitmap, 0,0, null);
canvas.drawBitmap(rounder, 0, 0, xferPaint);

public static Bitmap getRoundedCornerBitmap(Bitmap bitmap) {
  Bitmap output = Bitmap.createBitmap(bitmap.getWidth(),
    bitmap.getHeight(), Config.ARGB_8888);
  Canvas canvas = new Canvas(output);
  final int color = 0xff424242;
  final Paint paint = new Paint();
  final Rect rect = new Rect(0, 0, bitmap.getWidth(), bitmap.getHeight());
  final RectF rectF = new RectF(rect);
  final float roundPx = 12;
  paint.setAntiAlias(true);
  canvas.drawARGB(0, 0, 0, 0);
  paint.setColor(color);
  canvas.drawRoundRect(rectF, roundPx, roundPx, paint);
  paint.setXfermode(new PorterDuffXfermode(Mode.SRC_IN));
  canvas.drawBitmap(bitmap, rect, rect, paint);
  return output;
}