There has been a photo camera in almost every Metal Gear Solid game. However, I can not find one in The Phantom Pain. Where is it located?
There does not appear to be a usable photo camera in the current release version of Metal Gear Solid V: The Phantom Pain.
There also does not appear to be anything, when searching google, forums, and the Metal Gear Solid Wiki.
It is possible that a usable photo camera will be included in an upcoming DLC, but that is just speculation. It is worth considering that while the game is available for the previous generation of console, the newer generation of consoles have similar features already built in. You can freely take snapshots on both the PlayStation 4 and Xbox One.