Here is a link to information on the air suspension:
http://lsc-ss.com/lscss_site/Tech_Info/suspensionair.pdf
It is in .pdf format, so be sure to have Adobe Acrobat Reader. The instructions for the self-diagnostic test begin on about page 5. The air suspension has a built-in feature to tell you what is wrong, so it is best to use it.
If the light came on and you do not notice any abnormal ride height, I would question the compressor or dryer. What is the condition of your system? Have you made any recent changes to the air ride, or even the car in general?
After running the self-diagnostic, let us know what it tells you. Also, get the car to the proper trim height by letting it air up, then turn the car off as well as the air suspension switch in the trunk. Let it sit over night, and if you notice any considerable change in the height of any corner, you most likely have a bad bag.
If you have a pressure gauge that will read about 150psi, you can also check the compressor yourself. There is a schrader valve on the compressor that you can take a measurement from. Turn the car on and get a reading. If it is below ~120psi or close to it, your compressor is probably weak.
There are many problems that could be causing this, but most of them are inexpensive to fix. Just be patient and find the problem; don't just throw parts at it. Also, please do not ever crawl under your car if you fear it may have faulty bag(s). Be sure to have a jackstand under the frame, just in case. If that bag decides to fail with you under the car, you are going to fail with it.