Opening a media item in the Media Library might result in the Item Not Found page. The issue happens if the URL of the item contains characters included in the encodeNameReplacements configuration section and if the LowercaseUrls setting is set to true. It leads to some GUID characters being replaced, which breaks the media item ID. Therefore, it breaks media items in the Media Library as well as media requests on a front-end site.
For example, the configuration section might contain the following node:
<replace mode="on" find="æ" replaceWith="ae" />
To resolve the issue, consider one of the following options:
Alternatively, set the Media.LowercaseUrls setting in the Sitecore.config file to false, as follows:
<setting name="Media.LowercaseUrls" value="false" />