In this paper, we develop a two-way multi-relay scheme for JPEG 2000 image transmission. We adopt a modified time-division broadcast (TDBC) cooperative protocol, and derive its power allocation and relay selection under a fairness constraint. The symbol error probability of the optimal system configuration is then derived. After that, a joint source-channel coding (JSCC) problem is formulated to find the optimal number of JPEG 2000 quality layers for the image and the number of channel coding packets for each JPEG 2000 codeblock that can minimize the reconstructed image distortion for the two users, subject to a rate constraint. Two fast algorithms based on dynamic programming (DP) and branch and bound (BB) are then developed. Simulation demonstrates that the proposed JSCC scheme achieves better performance and lower complexity than other similar transmission systems.