Do you have any plugins like AfterBurn or FumeFX installed? I remember there was this issue with one of these at one point, but it may have been fixed since then.
Is there a pattern as to when this happens? During rendering or during other work with 3ds Max?
The particular line of code (292 in Point3.h) is related to division of one Point3 object (which represents a 3d vector or point) by another - there is a check if one of the components (x, y or z) of the denominator is zero and the assertion dialog comes up if this is the case.
V-Ray itself does not use the 3ds Max Point3’s for its internal calculations and the division of 3d vectors is a rarely used operation in any case, so I doubt that this has anything to do with V-Ray specifically.
It happens when I click render, because I only use VRay I cannot ascertain whether it is VRay, Scanline or just Max.
It will fire up multiple floating menus with the same error message with the option to quit or continue. Once you click continue on all the menus the render carries on with no problem and the error may not repeat for a couple of days.
It is not frequent enough to stop me from working, but it is rather annoying.