You will want to make sure that you have installed the latest driver for your Audiobox USB. Here is a link:
Once installed, you will want to go into Studio One>Options>Audio Setup and set the device as your audio device. Make sure that you are choosing the Audiobox and not Windows audio.
Close Studio One, open Universal Control and set your Device Block Size to something around 128 or 256. You can then open Studio One and go to Studio One>Options>Audio Setup. Click the "Processing" tab and set your Dropout Protection to "Maximum." Finally, click the icon of the green "z" on the main output in the Console to enable zero latency monitoring. Arm your track and try to record once more.
If the problem persists, please re-install Studio One. After doing so, try removing your settings files. Here are instructions:
Go to Help>Open Settings folder.
Copy the contents of the folder over to a folder on your desktop.
Close S1 and delete the contents of the settings folder with the exception of the user.license file as well as the "Extensions" folder.
Open S1 and go to Studio One>Options (Preferences on a Mac) to reconfigure your settings.
Test to see if the problem is resolved. If it is not, please feel free to copy your settings files back over from the backup that you created in step 2.
*If you are missing presets or Sound Sets after doing this, simply double-click one of your Sound Sets under Documents>Studio One>Sound Sets.
If you are still having a problem after all of this, please try submitting a support ticket from your my.presonus.com account and a PreSonus TS agent would be happy to assist.