Well you did post a screenshot, but a RanorexSpy snapshot would be much more useful...
So, Ranorex does see your Element, so recognition shouldn't be the issue...
Is the Exception text you posted the whole text? It looks cut off from the top (i.e. I don't see the actual Exception error).
My guess, without all the information, is that there was a timeout when searching for the element. (i.e. it wasn't found within the timeout allotted). Since I don't use record/playback or the repository I can't answer this for you specifically, but in general terms you need to up your timeout for the amount of time to search for the element. You should also put in a check that the ready state of your AUT is ready in other words the AUT has completed its action(s) from the previous steps.
Read the manual and/or search the forums for how to up the timeouts...
You should probably also surround your code in a try/catch block and catch the exception yourself so you can handle it better than just crashing.
If this or any response has helped you, please reply to the thread stating that it worked so other people with a similar issue will know how you fixed your issue!
Ciege...