Recently, fake images generated by artificial intelligence (AI) models have become indistinguishable from the real, exerting new challenges for fake image detection models. To this extent, simple binary judgments of real or fake seem less convincing and credible due to the absence of human-understandable explanations. Fortunately, Large Multimodal Models (LMMs) bring possibilities to materialize the judgment process while their performance remains undetermined. Therefore, we propose FakeBench, the first-of-a-kind benchmark towards transparent defake, consisting of fake images with human language descriptions on forgery signs. FakeBench gropes for two open questions of LMMs: (1) can LMMs distinguish fake images generated by AI, and (2) how do LMMs distinguish fake images? In specific, we construct the FakeClass dataset with 6k diverse-sourced fake and real images, each equipped with a Question&Answer pair concerning the authenticity of images, which are utilized to benchmark the detection ability. To examine the reasoning and interpretation abilities of LMMs, we present the FakeClue dataset, consisting of 15k pieces of descriptions on the telltale clues revealing the falsification of fake images. Besides, we construct the FakeQA to measure the LMMs' open-question answering ability on fine-grained authenticity-relevant aspects. Our experimental results discover that current LMMs possess moderate identification ability, preliminary interpretation and reasoning ability, and passable open-question answering ability for image defake. The FakeBench will be made publicly available soon.