Note: This will work with any Unreal Engine Game with this Error.

  This is a very common error that seems to be limited to Unreal Engine Games. There is not a lot to say about it other than normally you will need both files to fix the error. When Downloading the Visual C++ make sure you get both the X86 and X64 regardless of your OS. They have different files inside them that do not convert to the other so both are needed. Also note that DirectX runtime is not the same as DirectX that is installed with Windows OS.   

  This first error code is generally easy to fix, you are likely missing the following, download and install the following and try again.

• Visual C++ (X86 AND X64)
• DirectX Runtime (Not the same as DX12)

I have not heard at this point anything else that fixes this error.