Since the cap goes to a pad that has a nut, I agree that it is most likely a decoupling cap. I would just throw a 1.0 uF ceramic on there and be done with it.
What is the item, and is it working right now? Since there is already a cap there, my guess is that the device still works as-is if you remove the dead one.
What is the item, and is it working right now? Since there is already a cap there, my guess is that the device still works as-is if you remove the dead one.