This error occurs when using scrip components and script tasks.
What is actually going on, is that there is a mismatch between the version of SSIS installed on your machine and the version of SSIS that is compatible with the version of SQL Server that your project is targeting.
The most common example of this would be someone that is using Visual Studio 2017 (VS2017), and has the appropriate SSIS installed for VS2017 but is targeting SQL Server 2014 with his project in BimlStudio.
There are two easy solutions to fix this problem:
The first is to change the target version of SQL Server to a compatible version.
In the case described above, that would mean changing the target version from SQL Server 2014 to SQL Server 2016 or SQL Server 2017.
This is because the versions of SSIS that work for VS2017 are compatible with those versions of SQL Server.
The second solution is to download the appropriate version of SSIS. So for the example above, you would need to install the version of SSIS designed for the version of Visual Studio that is compatible with the target server version.
This link https://sqlstudies.com/2015/04/27/what-sql-version-is-my-ssis-package/
has a great chart that shows which versions of Visual Studio match with which versions of SQL Server.