Your command syntax is incorrect, which is actually generating the exception. You want to call mono i2c.exe, so your command list should look like:
subprocess.check_output(['mono', 'i2c.exe']) # Notice the comma separation.
Try the following:
import subprocess
import os
executable = "/home/pi/pi_sensors-master/bin/Release/i2c.exe"
print subprocess.check_output(['mono', executable])
The sudo is not a problem as long as you give the full path to the file and you are sure that running the mono command as sudo works.
I can generate the same error by doing a ls -l:
>>> subprocess.check_output(['ls -l'])
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
  File "/usr/lib/python2.7/subprocess.py", line 537, in check_output
    process = Popen(stdout=PIPE, *popenargs, **kwargs)
  File "/usr/lib/python2.7/subprocess.py", line 679, in __init__
    errread, errwrite)
  File "/usr/lib/python2.7/subprocess.py", line 1249, in _execute_child
    raise child_exception
OSError: [Errno 2] No such file or directory
However when you separate the command from the options:
>>> subprocess.check_output(['ls', '-l'])
# outputs my entire folder contents which are quite large.
I strongly advice you to use the subprocess.Popen -object to deal with external processes. Use Popen.communicate() to get the data from both stdout and stderr. This way you should not run into blocking problems.
import os
import subprocess
executable = "/home/pi/pi_sensors-master/bin/Release/i2c.exe"
proc = subprocess.Popen(['mono', executable])
try:
    outs, errs = proc.communicate(timeout=15) # Times out after 15 seconds.
except TimeoutExpired:
    proc.kill()
    outs, errs = proc.communicate()
Or you can call the communicate in a loop if you want a 'data-stream' of sort, an answer from this question:
from subprocess import Popen, PIPE
executable = "/home/pi/pi_sensors-master/bin/Release/i2c.exe"
p = Popen(["mono", executable], stdout=PIPE, bufsize=1)
for line in iter(p.stdout.readline, b''):
    print line,
p.communicate() # close p.stdout, wait for the subprocess to exit