I'm trying to open an .exe file, but I keep getting this error message.

Just to stress one more time. This a program. If it were a self-extracting archive, the Unarchiver would have worked with this file as is. When you run this in Windows, it will do whatever the app is written to do.

An .exe file is a DOS/Windows program, not an archive.

That said, it is possible with some DOS/Windows apps to create an .exe file that is a self extracting archive. What those apps actually do is create a standard .zip file, then wrap it in a small amount of code that extracts the zipped data when you run the app. It was useful for the computer inept to extract an archive they received without having to even know how to unzip a file.

In this case, you don't have one of those. It's a standard program file. Not an archive.

You would have to boot into Windows first, then double click the file there to run the app.

If this is something you received as an email attachment, there's a high likelihood it's malware. Don't run it unless you're absolutely sure what it's supposed to be and the source is someone you trust. Even then, contact that person and ask if they really sent it.

Unless it's a self-extracting zip, you'll need Windows, CrossOver Mac, Wine, or similar software to open that file.

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It's an .exe file. You don't need any type of unzip utility. Just boot into Windows and run the app.

Again. This may be malware. DO NOT run the .exe unless you're sure it's from a trusted source.