SkiaSharp is a Xamarin-friendly NuGet that lets you do powerful image processing and rendering tasks. You can use it to quickly resize, compress or re-encode your images (i.e. change their format). This example shows how to change a JPEG file to PNG with SkiaSharp:

using (var istream = File.OpenRead(originalPath))
    using (var skBitmap = SKBitmap.Decode(istream))
        using (var image = SKImage.FromBitmap(skBitmap))
            using (var ostream = File.OpenWrite(newPath))
                image.Encode(SKEncodedImageFormat.Png, 100)
                    .SaveTo(ostream);