I'll just start with some things that came to my mind. Not planning to provide a complete list here.
You can look at the craft itself prior to and shortly after launch. Was there any leakage or jets of propellant where there shouldn't be any? For example, smoke was visible during the final launch of the space shuttle Challenger.
Comparing the video to a previous launch we find no obvious leakage. However, the night launch makes it difficult to see much of the vehicle at all.
The next thing that came to my mind was the guidance system failing and causing automatic self-destruction, a bit like on that recent Proton launch. The rocket does sway to the side a bit after launch, but that may be on purpose, in order not to recontact the launch tower. It does the same in the other video.
Now, I'm going out on limb and speculate a bit from the poor footage available. The flame in of the exhaust turns from yellow-blue to bright yellow a split second before the explosion. One explanation (not the only explanation) for this would be a failure in the oxygen supply, so the rocket quickly goes to extremely fuel-rich combustion.
However the oxygen pump of the NK-33 is on the same shaft as the fuel pump, and located between the turbine and the fuel pump. So the fuel pump can't keep working when the oxygen pump has stopped (or exploded).
Now it would be interesting to have a high-res video from another perspective to see if both engines fail simultaneously. If they do, my oracle is this: There was loss of pressure on the oxygen tank or an obstruction in the ducts. This caused the combustion to go extremely fuel rich for a split second, until the dry-running turbo-pump bearings (which must be cooled with liquid oxygen) overheated. This ignited the metal of the pump housing, leading to the rest of all this unpleasantness.