This error indicates that you are using an incompatible to your licenses V-Ray version. If you own a perpetual V-Ray 3.0/NEXT/5 license, please make sure that you have installed the latest applicable V-Ray build.
V-Ray 3.0 licenses are compatible with V-Ray 3.X builds
V-Ray NEXT licenses are compatible with V-Ray 3.X and V-Ray NEXT builds.
V-Ray 5 licenses are compatible with V-Ray 3.X/NEXT/5 builds.
Older builds can be found in our Download section by checking the "Show all versions" box