The error indicates that the resource image exists but can't be read. Normally this shouldn't happen, but may indicate some issues with the file system. First things first, make sure the drive and file system are in good shape. Open Explorer and go to your computer. Right click on the C: drive (or whichever drive you have Steam installed on), go to Properties, then in the window that opens go to the Tools tab. There should be a button to check the drive for errors. Click that and follow the prompts (there's a chance it will require to reboot while it's checking the drive).
Once that's done, go to your Steam library, right click Terraria in the list, go to Properies, then select the Local Files tab. Click on the Verify Integrity of Game Cache... button and it will verify the content and download any missing or damaged files. Once that's done, try launching the game again and see if the issue goes away.