Adding my experience here as this was one of the first googleGoogle hits.
You could consider making sure you don't get this exception in any case, by defining a default character to be replaced for any character missing from the font.
You can put something like this in your spritefont file:
<DefaultCharacter>*</DefaultCharacter>
Or you can do font.DefaultCharacter = '*' after loading the font.
References: commnitycommunity thread, apiAPI documentation.