VirtualBox - This VM was configured to use 3D acceleration. However, the 3D support of the host is not working properly

I am getting the following error message from VirtualBox when trying to start/resume a VM:

This VM was configured to use 3D acceleration. However, the 3D support of the host is not working properly and the VM cannot be started. To fix this problem, either fix the host 3D support (update the host graphics driver?) or disable 3D acceleration in the VM settings (VERR_NOT_AVAILABLE).

Result Code: 
NS_ERROR_FAILURE (0x80004005)
Component: 
ConsoleWrap
Interface: 
IConsole {872da645-4a9b-1727-bee2-5585105b9eed}