This error can typically be resolved by reinstalling Looks through the Maxon App.
- Close your host application, then select Uninstall across from the Magic Bullet Suite in the Maxon App
- Then click Install once it's been uninstalled.
This issue tends to occur after installing an update to Adobe After Effects while having the C4D installation toggled, which can install an older Looks framework than what the latest version is ready to work with.
The other culprit is usually GPU related, in that the GPU isn't adequate enough to work with Looks.