Many reasons could trip the light.
One common cause is the ABS sensor (which senses wheel lockup).
The other light is for VSC (vehicle stability control) that prevent spinning out of control (i.e. maintain stability of your vehicle on the intended path of travel).
Both TCS and VSC rely on ABS sensors to determine actions (to know which wheels lose traction),
Therefore, it is a likely cause that the sensors went bad.
Can you find a code scanner? Sometimes Kragen or Autozone can do this for customers for free.
Once you have the code, you can google the code for explanantion/cause of error.