Roo Stercogburn
Have you recently changed file paths or deleted drives?
I don't have my system in front of me at the moment but Kontakt will have an entry showing where it expects to find its files and I'd look to make sure that where it is finding its DLL is the same place that Cakewalk is configured to look for DLLs.
Registry key is:
"HKEY_LOCAL_MACHINE\SOFTWARE\Native Instruments\Kontakt 5"
It has values for the 32 and 64 bit VST folders - depending on which is installed I presume.
[Added]
Having said this, I'm not sure the standalone version is loading the VST dlls. Process Explorer isn't showing it as using anything from my VST folder.