Error Loading Plug-in DLL - Error code 126 - The specified module could not be found

Make sure that Corona is installed properly. Either copy all the required files manually, or run the universal installer.

--- This issue reappeared in Corona 1.4. See recommended solutions below ---

1. Install all available Windows Updates

Link: Install Windows Updates at Microsoft Website

Note: restart your PC after installing all updates available on the list, and check for updates again - if new ones appear, you will need to install them again. Sometimes it is required to repeat this several times.

2. Uninstall (this is required!) and then install again Microsoft Visual C++ Runtime Libraries.

Link: How to remove and reinstall Microsoft Visual C++ Runtime Libraries at Microsoft Website

Note: you may need to restart your PC after the whole process is finished, and then re-install Corona Renderer

Note: in newer versions of Corona (1.5+) the Microsoft dependencies are bundled within the installer. You can install them manually by using the "Unpack all files" option in the installer, then going to the folder where Corona was extracted, and then installing all files from "Microsoft dependencies" folder. 

See also: Error code 127 - Procedure not found