Recently, several methods have leveraged deep generative modeling to produce example-based explanations of decision algorithms for high-dimensional input data. Despite promising results, a disconnect exists between these methods and the classical explainability literature, which focuses on lower-dimensional data with semantically meaningful features. This conceptual and communication gap leads to misunderstandings and misalignments in goals and expectations. In this paper, we bridge this gap by proposing a novel probabilistic framework for local example-based explanations. Our framework integrates the critical characteristics of classical local explanation desiderata while being amenable to high-dimensional data and their modeling through deep generative models. Our aim is to facilitate communication, foster rigor and transparency, and improve the quality of peer discussion and research progress.