I believe you are developer, since you have Visual Studio on your machine.
Whenever any executable executes, and throws a fatal/unhandled error, the Just-In-Time debugger kicks in and presents you with a list of debuggers, with which you can debug the error. Since Visual studio has a debugger, it detects that and shows you this window. Note that the Visual Studio debugger may not be running, but still can be triggered and opened when any other executable throws this kind of errors.
The application will no longer execute, irrespective of visual studio debugger kicking in during errors or not. If you have the source code of the exe, then you use the Just In Time debugger and find out why the code is throwing fatal errors. If not, contact the manufacturer with the steps to reproduce.
To avoid these pop-up's, you can delete a couple of registry keys. The steps are documented in the following MSDN link. http://msdn.microsoft.com/en-us/library/5hs4b7a6(VS.80).aspx
Hope this helps.