The Extract Raster tool can clip a raster to boundary, either to a rectangular area or to a shape you define interactively on the screen. You can clip to the extent of the area you currently have displayed on your map, or by the study area defined by a polygon.
The input layer to clip.
Choose the extent type to use when clipping the geometry of the layer:
This is the name of the layer that will be created in My Content and added to the map. The default name is based on the tool name and the input layer name. If the layer already exists, you will be asked to provide another name.
Using the Save result in drop-down box, you can specify the name of a folder in My Content where the result will be saved.