In MongoDB, since 2.6, the total size of an index entry must be less than 1024 bytes. Documentation here
In other terms, at least one of your documents has a large value in one of the field you are trying to index.
It's not a good idea in general to index very large values like that because it creates a big index which is less efficient compared to a smaller one and it takes more space in RAM which could be put to better use on a MongoDB node.
You could use this : mongod --setParameter failIndexKeyTooLong=false
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But it doesn't look like a good idea. If you have a large text to index, you should consider using the Full Text index or you could use a Hashed index.