Most likely it's an audio clip that's not being found. I've seen it happen before. It turned out to be a deleted clip that the project thought was still there but wasn't.
I resolved it by bouncing all of the track's clips to one and then CTL-dragged it to a new audio track and deleted the original. What I don't remember is how I isolated the problem track, but I suspect it was a matter of deleting them one-by-one until the problem went away. IIRC the project fortuitously had only a few audio tracks in it.