How can I call specific function if requested URL is not found?

Simply use template_redirect filter to perform check on request you get in wordpress.

add_filter('template_redirect', 'my_404_override' );

function my_404_override() {
    global $wp_query;

    if (!$wp_query->post) {         // Check if any post is found. If not its 404.
        status_header( 200 );
        $wp_query->is_404=false;

        // Create post object
        $my_post = array(
          'post_title'    => 'My post',
          'post_content'  => 'This is my post.',
          'post_status'   => 'publish',
          'post_author'   => 1,
          'post_category' => array(8,39)
        );

        // Insert the post into the database
        $post_id = wp_insert_post( $my_post );      // Add new post in to the system
        wp_redirect( get_permalink( $post_id ) );   // Finally redirect it to the post.
    }
}

This will create a new post for you & also will redirect user to that post. Well, frankly speaking it’s a fix to perform the task but it serves the purpose.

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