First thing to do is make a backup of your data from the good drive to an external USB drive. Then get a new same size drive (or two larger ones if you have need of more space). Replace the good drive back in the slot you took it from and put the new drive in the other slot. Power the unit on and hopefully it will rebuild the RAID 1 array.
If it doesn't just create a new array and copy your data back. Remember the RAID array is a software RAID and is therefore sensitive regarding which slot a removed drive is returned to.
You can reformat the problem drive but, if you value your data, never use it in the NAS again.