This problem seems to have something to do system memory, as it appears to happen with me when my file gets to a certain size. Whatever the reason for happening, first off, be aware that the "translation error" only pertains to the preview image you see on the screen, not the image itself. So, if you were to print the page or make a pdf, the image would appear normally.
Aside from reimporting the image, you can fix this by refreshing the preview image. There are a couple of ways of doing this, including changing the specific image preview from low res to high res preview (or vice versa). If you can't do this (for instance, it is a low res image and Quark won't allow a high res setting), then under View you can change the Proof Output settings to something else, and Quark will go through the whole document updating preview images (this can take a while though, so only do this if you really have to).
Hope this helps.