The way to debug MSI install issues is to create a log of the install. You do this with a command line install:
msiexec /i <path to msi file> /l*v <path to a text log file>
The log will report errors at the failure, and probably contain that error message text too.
If you have no installer classes or custom actions, about all that's left is an internal Dll used by the setup to check for the .NET framework.