traceroute: command not found

Maybe Your $PATH variable doesn't contain the default paths? echo $PATH should give something like:

[root@server ~]# echo $PATH
/usr/local/sbin:/usr/local/bin:/sbin:/bin:/usr/sbin:/usr/bin:/root/bin

If it's empty, You may set the PATH variable with this command

export PATH="/usr/local/sbin:/usr/local/bin:/sbin:/bin:/usr/sbin:/usr/bin:/root/bin"

On CentOS possible default full paths are:

/bin/traceroute - from package: traceroute

You may install the required package with command yum install {package}

Error in other languages:
traceroute: bevel nie gevind nie
traceroute: comandă negăsită
traceroute: comando não encontrado
traceroute: commande introuvable
traceroute: command not found
traceroute: käsku ei ole
traceroute: không tìm thấy lệnh
traceroute: komanda nerasta
traceroute: Kommando nicht gefunden.
traceroute: kommandot finns inte
traceroute: komut yok
traceroute: nie znaleziono polecenia
traceroute: níor aimsíodh an t-ordú
traceroute: no se encontró la orden
traceroute: no s'ha trobat l'ordre
traceroute: opdracht niet gevonden
traceroute: parancs nem található
traceroute: perintah tidak ditemukan
traceroute: príkaz nenájdený
traceroute: příkaz nenalezen
traceroute: команда не найдена
traceroute: командата не е открита
traceroute: 命令找不到
traceroute: コマンドが見つかりません