Apple assumes that you will be connecting the Time Capsule to a simple modem.......not a modem/router type of device.
A simple modem will allow the Time Capsule to provide the Guest Network feature correctly.
But, connecting the Time Capsule to a router, or modem/router type of device requires that the Time Capsule be configured in Bridge Mode to avoid having two devices both trying to act like routers on the network, which can create conflicts and other unpredictable results.
Depending on what version of AirPort Utility that you have , the Guest Network option may not appear at all. In recent 6.x versions of AirPort Utility, the Guest Network option might appear, but it will not allow that network to connect to the Internet.
If you need the Guest Network feature, the simplest thing to do might be to contact your Internet Service Provider (ISP) and ask them if they can provide you with a simple modem.......not a modem/router.
In some cases, users have found that they can configure the Time Capsule or other Apple router incorrectly......which will create a network error called Double NAT and possible IP address conflicts....but sometimes if you are lucky, and have a simple network, you can get away with the error. If you are using Back to My Mac, or have a game console on your network, the Double NAT will likely prevent things from working correctly for those items.
We do not recommend this for most users, but will try to help if you want to try it. We cannot guarantee that it will work for you, however.